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CADJPY - Watch For This Reversal! CADJPY is on our radar at the moment. We currently appear to be in an ABC corrective wave and looking for wave C lower. On the lower timeframe we'll be looking for reversal patterns to indicate that wave B has completed and that we've started wave C. Trade Idea: - Watch for lower timeframe reversal patterns or trendline breaks - enter with stops above the aforementioned reversal pattern/trrendline break - Targets: 107 (300pips), 104.3 (550pips) Goodluck and as always, trade safe!
by WicktatorFX
2
CADJPY - Approaching A Strong Supply 🔎Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst. CADJPY has been overall bullish trading inside the rising channel in orange, however it is currently approaching around the upper trendline. Moreover, the zone 109.0 is a strong supply. 🏹 So the highlighted red circle is a strong area to look for sell setups as it is the intersection of the green supply and upper orange trendline acting as a non-horizontal resistance. As per my trading style: As CADJPY approaches the orange circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...) 📚 Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
by TheSignalyst
usdcad trade idea I bias down sideThe Canadian dollar has managed to maintain strength against the USD in a week with little Canadian specific economic data. Last week’s Bank of Canada (BoC) rate announcement saw Governor Macklem leave the door open to additional hikes should incoming data necessitate. Subsequently, the local balance of trade and labor reports outlined the economies resilience and sustained upside pressures on inflation from an average earnings lens. Higher crude oil prices are also favorable for the CAD while supplementing the inflation narrative that could prompt the aforementioned hike early next year. This is reflected in BoC interest rate expectations (refer to table below) which have been ‘hawkishly’ re-priced to suggest a 10bps peak from 5bps just last week. BANK OF CANADA INTEREST RATE PROBABILITIES
Short
by Ttrade-With-Logic
2
CADJPY – holding for 109.50 While NOK (Norwegian krone) has the strongest statistical relationship with Brent and WTI crude, we can see a strengthening correlation between crude and the CAD. We see the 1-month correlation between crude and CADJPY at 0.68, so it's meaningful. We also see (on the daily) price breaking out of the top of its recent range of 108.50. While many will be concerned with being short JPY, given BoJ intervention risk, for now, traders remain happy to fade JPY strength as carry is still attractive (given the low volatility). Also, with crude on the rise the market sees this benefiting Canada’s terms of trade, while it negatively impacts Japan’s economics given, they are a big importer of energy. The bulls happy to hold for 109.50, stops on a daily close below the 5-Day EMA.
Long
by Pepperstone