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The price of CADJPY could break lower looking at the poor lows that have formed at 95.00.
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CADJPY- Will Sellers Remain Below 95.00?
The Canadian dollar has been in a state of flux this week as the latest Consumer Price Index (CPI) came in as expected, declining from 0.1% to -0.6%. This has had a knock-on effect on the CADJPY currency pair, which is currently trading below the key level of 95.00.
However, conditions surrounding the CADJPY could change tomorrow as the Bank of Japan is set to announce its monetary policy statement. A hawkish tone from the central bank could strengthen the Japanese yen, putting further pressure on the CADJPY.
Looking at the monthly chart, it’s clear that the CADJPY has been in an uptrend, but it’s currently in a retracement phase. The 2021 highs for the pair were 93.00, and for the price to reach this level again, it needs to trade through the current 95.00 lows which is currently acting as support. If the CADJPY breaks through this level, it could offer short-term trading opportunities for traders.
Overall, the CADJPY remains a volatile currency pair to trade, and traders should keep a close eye on the Bank of Japan’s monetary policy statement tomorrow. A hawkish tone from the central bank could see the CADJPY drop further, offering short-term selling opportunities. However, the long-term uptrend of the pair suggests that the CADJPY will recover in the coming months.
Have you watched our GBPAUD analysis? You can see it here.
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