empty
 
 
vi
Hỗ trợ
Mở tài khoản ngay lập tức
Tải nền tảng giao dịch Metatrader
Khởi động WebTrader

24.11.202315:17 Forex Analysis & Reviews: CAD/JPY challenging 109.27 key resistance before Canadian retail sales

The USD/CAD pair is moving sideways in the short term but the bias remains bullish. The upside pressure is strong as the Japanese Yen Futures remain bearish. It's located at 109.30 at the time of writing and it seems determined to hit new highs.

Fundamentally, the Japanese Flash Manufacturing PMI came in at 48.1 versus the 48.8 expected, while the National Core CPI reported only a 2.9% growth versus the 3.0% growth estimated, weakening the JPY.

On the other hand, Canada is to release the Retail Sales indicator which is expected to report a 0.0% growth, while Core Retail Sales may announce a 0.3% growth. Positive data could lift the currency pair.

USD/CAD Bullish Pattern!

Exchange Rates 24.11.2023 analysis

Technically, the CAD/JPY pair was trapped between 108.88 and 109.27 levels. The range was seen as an upside continuation formation.

Now, it is challenging the 109.27 and the 61.8% (109.32) retracement level. The median line (ML) represents a dynamic resistance.

CAD/JPY Outlook!

A bullish closure above the 61.8% Fibonacci level (109.32) activates an upside continuation and an imminent breakout above the median line (ML). Jumping and stabilizing above the median line (ML) is seen as a buying opportunity.

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Ralph Shedler,
Analytical expert of InstaSpot
© 2007-2024
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.

Không thể nói chuyện ngay bây giờ?
Đặt câu hỏi của bạn trong phần trò chuyện.