CADJPY holds above 108 after strong Canadian GDP data. It hit a high of 108.53 and is currently trading around 108.26.
The economy rose to 2.1% Y/Y in the Q2, well above the estimate of 1.6%.
Technicals-
The pair trades above 34- and 55 EMA in the 8-hour chart.
The near-term resistance is around 108.80, a breach above targets 109.20/110.35. The immediate support is at 107.65, any violation below will drag the pair to 107.20/109.90.
Indicator (8 hour chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index- bullish. All indicators confirm a bullish trend .
It is good to buy on dips around 107.97-108 with SL around 107.48 for a TP of 108.80/109.25.
