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CADJPY showed a dead cat bounce despite weak Canadian CPI data. It hit an intraday low of 103.26 and is currently trading around 103.69.
|
Date |
Time (GMT) |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Sep 17th 2024 |
12:30 pm |
CAD |
CPI m/m |
-0.20% |
0.10% |
0.40% |
|
|
|
CAD |
Median CPI y/y |
2.3% |
2.20% |
2.40% |
|
|
|
CAD |
Trimmed CPI y/y |
2.4% |
2.50% |
2.70% |
Technicals-
The pair trades below 34- and 55 EMA in the 4-hour chart.
The near-term resistance is around 104.20, a breach above targets 104.80/105.50. The immediate support is at 102.80, any violation below will drag the pair to 104.58/103.95.
Indicator ( 4 hour-chart)
CCI (14)- Bullish
CCI (50)- Bearish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to sell on rallies around 103.78-80 with SL around 104.20 for a TP of 102.85.
