Loonie Versus Yen and Euro August 23rd

FX Strategy Video > Currency Pairs Analysis

CAD/JPY had another quiet day on Monday, but one cannot help but notice the 77 level acting as a "line in the sand" of sorts as the Bank of Japan is very verbal about the markets lately. The BoJ threatening intervention should keep this pair afloat for the short-term. What we want to see is a supportive candle at 77 in order to buy. The pair remains to be held hostage to the BoJ and the oil markets as well.

The EUR/CAD pair has formed a hammer on Monday, and it is reaching the 1.43 level again. The 1.43 gives way - and this pair could shoot straight up as we are in the middle of a massive ascending triangle. A break of the 1.44 level, or the break of the 1.43, with a pullback and retest of it being support would be massively bullish for this pair. This will more than likely coincide with a sell off in the oil markets.

Published on 22nd of August 2011
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