CADJPY Short Pattern
Updated
Hi Traders, Back with another analysis after a long break :D
I see CADJPY in an interesting situation where it is building stops at key levels. From a COT perspective, CAD still has massive longs however we can see that big banks are not adding longs anymore. This gives us a good indication that CAD has no intention to pass 91.40 at least in the next couple of months. This also aligns with the current C-19 situation around the globe as we are not yet fully recovered from this pandemic. I could see a good probability of retracement to at least 88.00 level within the next couple of weeks. Please like and subscribe for more free educational content ahead. May the green pips be with you.
I see CADJPY in an interesting situation where it is building stops at key levels. From a COT perspective, CAD still has massive longs however we can see that big banks are not adding longs anymore. This gives us a good indication that CAD has no intention to pass 91.40 at least in the next couple of months. This also aligns with the current C-19 situation around the globe as we are not yet fully recovered from this pandemic. I could see a good probability of retracement to at least 88.00 level within the next couple of weeks. Please like and subscribe for more free educational content ahead. May the green pips be with you.
Note
Like if you banked on this trade :)Trade closed: target reached
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