Ichimoku Analysis (Weekly chart)
Tenken-Sen- 82
Kijun-Sen- 80.88
CADJPY is trading higher for a fifth consecutive week and surged more than 300 pips. The upbeat market sentiment and surge in the oil price are supporting the Canadian dollar at lower levels. The Canadian retail sales came at -4.1% in December compared to a forecast of -2.4%. WTI crude recovered slightly after hitting five days low. The short-term trend of CADJPY is bullish as long as support 83 holds.
The significant support is at 83, any decline below that level will drag the pair down till 82.54/82.20. Significant bearish trend continuation only below 80. A dip till 79.60/79.23. On the higher side, near-term resistance is around 84, any violation above that level targets 84.75/85/85.25.
It is good to buy on dips around 83.25-30 with SL around 81.80 for the TP of 84/84.68.


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