CAD/JPY meets some resistance at 83.000

CAD/JPY is trading 0.40% higher today as commodities perform well.
The pair just found some resistance at the psychological 83.000 level.

Rajan Dhall, MSTA FX Daily

Today has been a strong day for the dollar with both CAD and JPY selling off in the US session.

CAD performed slightly better overall on the day as oil has pushed higher after some OPEC comments.

Later we do get the latest API inventory figures so we could expect some volatility.

JPY has suffered today as the risk environment turned positive and USD/JPY rose 0.50%.

Longer-term the BoC have just recently turned more dovish so this pair will be based on who is the underperformer. safe haven or BoC and commodities.

As long as the trade rhetoric between the US and China stays positive the pair could keep rising.

The 4-hour chart is still making higher highs and higher lows. There was a deeper correction to 0.82000 but this has now been almost fully pared.

Now the previous wave high of 0.83554 will be in focus as a break will mean the trend is continuing.

CAD/JPY

Overview
Today last price	82.85
Today Daily Change	0.27
Today Daily Change %	0.33
Today daily open	82.58

Trends
Daily SMA20	82.4
Daily SMA50	81.5
Daily SMA100	81.51
Daily SMA200	82.14

Levels
Previous Daily High	82.65
Previous Daily Low	82.31
Previous Weekly High	83.52
Previous Weekly Low	81.88
Previous Monthly High	83.52
Previous Monthly Low	79.77
Daily Fibonacci 38.2%	82.52
Daily Fibonacci 61.8%	82.44
Daily Pivot Point S1	82.37
Daily Pivot Point S2	82.17
Daily Pivot Point S3	82.03
Daily Pivot Point R1	82.71
Daily Pivot Point R2	82.85
Daily Pivot Point R3	83.05

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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