Interestingly and quite legible looks CAD/JPY on the daily chart. As seen, the price has recently broke out from the bearish channel. A two-day correction from the turn of the year tested the previously broken level of the previous high. Currently, the rate begins to grow, approaching the level of the high from December 20th. Everything indicates an advantage of the bulls. Demand should therefore attack this high with the intention of defeating it. If the attack succeeds, the next target of the demand should be the high of October 20th.

The technical outlook favours buyers also on the weekly chart. We have an annual bullish layout here. The last significant correction has reached the trend line, from where the current reflection takes place. Against this background, breaking the correction line looks like a readable signal for increases, especially as the previous growth swings were very smooth and lasted at least a few weeks.

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