CAD/JPY Price Analysis: Plunges for 7-straight days, despite BoC’s rate hike

CAD/JPY extends losses for the seventh consecutive day, with minimal decline of 0.07%, trading near weekly low of 104.79.
Despite BoC raising rates to 5%, the pair fails to gain momentum, losing 0.99% or 100 pips.
Downward trend aims for support at June 7 high of 104.88, potentially leading to 104.00 and June 8 low of 103.70.
Bullish continuation requires breaking above resistance at 105.00, with further hurdles at 105.45, 106.11, Kijun-Sen at 106.60, and Tenkan-Sen at 107.09.

Christian Borjon Valencia FXStreet

As the Asian session begins, the CAD/JPY extends its losses to seven straight days, registering minimal losses of 0.07%. Despite the Bank of Canada (BoC) raising rates by 25 bps to 5% on Wednesday, the CAD/JPY pair failed to gain traction and lost 0.99% or 100 pips. As of writing, the CAD/JPY trades at 104.96, nearby the weekly low of 104.79.

CAD/JPY Price Analysis: Technical outlook

The CAD/JPY daily chart portrays the pair as upward biased, similar to the AUD/JPY pair case published here. Even though the CAD/JPY edged lower, as long as it remains above the Ichimoku Cloudthe uptrend remains in place. But some mixed signals suggest caution is warranted, like prices sliding below the Tenkan-Sen and Kijun-Sen lines and the Chikou Span about to turn bearish can pave the way for further losses.

If CAD/JPY continues to drop, the June 7 daily high of 104.88 will be the first support level to challenge. A breach of the latter will expose the 104.00 mark, followed by the June 8 daily low of 103.70.

Conversely, the CAD/JPY first resistance would be 105.00 for a bullish continuation. Once cleared, the next resistance emerges at the June 13 daily high of 105.45, followed by the July 12 daily high of 106.11. the next resistance level would be the Kijun-Sen line at 106.60 before the Tenkan-Sen at 107.09.

CAD/JPY Price Action – Daily chart

CAD/JPY

Overview
Today last price	104.96
Today Daily Change	-1.10
Today Daily Change %	-1.04
Today daily open	106.06

Trends
Daily SMA20	107.95
Daily SMA50	104.61
Daily SMA100	101.59
Daily SMA200	101.63

Levels
Previous Daily High	106.62
Previous Daily Low	105.63
Previous Weekly High	109.41
Previous Weekly Low	106.87
Previous Monthly High	109.51
Previous Monthly Low	102.41
Daily Fibonacci 38.2%	106.01
Daily Fibonacci 61.8%	106.24
Daily Pivot Point S1	105.59
Daily Pivot Point S2	105.11
Daily Pivot Point S3	104.59
Daily Pivot Point R1	106.58
Daily Pivot Point R2	107.1
Daily Pivot Point R3	107.57

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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