Forex Flash: CAD/JPY pointing higher – TD Securities (Barcelona) - Just few pips below fresh 7-month highs, last at 82.86, CAD/JPY is making “New cyclical highs,” says Toronto based FX Research Team at TD Securities, showing “a big topside range break, bullish trend momentum across a range of time frames and bullish technical signals from the short and medium-term “cloud” charts all point higher for CAD/JPY,” the analysts note.

“On current form, we would not expect any significant counter-trend corrections,” the team continues, adding: “Any modest pullback is likely to be jumped on by fresh longs eager to get involved in this move—with 85 (essentially a retest of the March high) the near-term target. Expect good support in the low 82s now. Key support is 81.50,” TD Securities conclude.