$CADJPY - Strong Possibility #BOJ will revise outlook higher
Fundamental thoughts:
CAD is still weak and following WTI closely.
Poloz has suggested it will take some time before CAD econ will strengthen.
This rally on CADJPY is caused by strength of WTI.
With WTI looking like it is finally showing signs of the rally slowly losing steam. This could be a chance to get short on CADJPY.
BOJ will be speaking today and we are looking for a revised higher outlook. This will be the first in two years.
Technicals:
On the chart.
Strong top + 100 physiological number. + Strong Fib number resistance. Looking for a test of trend line and old resistance/new support.
CAD is still weak and following WTI closely.
Poloz has suggested it will take some time before CAD econ will strengthen.
This rally on CADJPY is caused by strength of WTI.
With WTI looking like it is finally showing signs of the rally slowly losing steam. This could be a chance to get short on CADJPY.
BOJ will be speaking today and we are looking for a revised higher outlook. This will be the first in two years.
Technicals:
On the chart.
Strong top + 100 physiological number. + Strong Fib number resistance. Looking for a test of trend line and old resistance/new support.
