CAD/JPY is looking bullish, with the current price around 111.32-111.67. Here are some potential trade ideas:
Bullish Scenario:
– Buy CAD/JPY if it breaks above 112.00, targeting 113.00 and 114.00.
– Stop-loss below 110.00.
Bearish Scenario:
– Sell CAD/JPY if it breaks below 110.00, targeting 109.00 and 108.00.
– Stop-loss above 112.00.
Key levels to watch:
– Support: 110.19, 109.91, 109.38
– Resistance: 111.00, 111.53, 111.81
The market is influenced by factors like:
– Oil Prices: Canada’s oil exports impact the CAD.
– US Economic Data: Fed policy decisions affect the USD and JPY.
– Geopolitical Tensions: Impact on risk appetite and currency markets.
Some forecasts predict CAD/JPY to reach 114.465 in the short term and 127.638 in the long term
