Ichimoku Analysis (Weekly chart)
Tenken-Sen- 79.73
Kijun-Sen- 79.74
CADJPY continues to trade higher for 2nd consecutive week on the surging Canadian dollar. The jump in crude oil prices and upbeat market sentiment due to the COVID-19 vaccine is supporting CAD. USDCAD was one of the worst performers and lost more than 200 pips. The number of new jobs added in Canada has slightly declined to 62000 compared to the previous month's 83.6K. Short term trend of CADJPY is bullish as long as support 81 holds.
On the lower side, near term support is around 80.88 and any violation below will take the pair till 80/79.69/79.25/78.82.
The significant resistance is at 82, any indicative break above that level targets 82.68/83. Significant trend reversal only above 82.
It is good to buy on dips around 81.25-30 with SL around 80.80 for the TP of 82.68/83.
