FxWirePro: CADJPY breaks major trend line support, dip till 82.50 likely
CADJPY continues to trade lower for 3rd consecutive days and lost more than 100 pips yesterday after BOC monetary policy.BOC kept its rates unchanged at 1.75% as expected. The dovish comments by the central bank increased bets for rate cuts in the coming months. USDCAD recovered sharply and hits a 1-month high. Any violation above 1.3240 confirms further bullishness.
Technically, near-term support is around 83.13 (23.6%) and any indicative break below will drag the pair down till 82.50/82.
On the higher side, major resistance stands around 83.65 and any indicative break above targets 84/84.70.
It is good to sell on rallies around 83.45-50 with SL around 84 for the TP of 82.