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- Major resistance – 84.55 (trend line joining 88.66 and 87.72).
- CAD/JPY formed a top around 84.55 (trend line resistance) and started to decline from that level. The pair declined till 83.26 at the time of writing. It is currently trading around 83.41.
- CAD is trading weak against all major pairs on account of weak crude oil prices. WTI near to a 10- month high due to supply concerns. U.S crude oil inventories fell more than expected last month .The inventories declined 2.5 M compared to forecast of -2.106M.
- The pair has broken major support at 83.52 (100 – MA) and declined till 83.26 at the time of writing. Any close below will drag the pair till 82.80 (55- EMA)/82.39.
- On the higher side, major resistance is around 84.55 and any break above targets 85.89 (Mar 10th 2017 high)/86.17.
It is good to sell on rallies around 83.60-83.70 with SL around 84.55 for the TP of 82.40.
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