We have been having an interesting technical system for a long time on the pair of CAD / JPY. Additional volatility is provided by oil prices that have a key impact on the strength of the Canadian currency. During the weekend there was a preliminary agreement of the OPEC countries regarding limiting the extraction of this raw material. This contributed to the appearance of a correction on oil. The nearest sessions should show how long the move will turn out, although it is difficult to expect it to change the downward trend. On CAD/JPY, weekend reports meant a strong upward rebound during Monday’s session. An interesting technical system favours buyers. The price is reflecting from the bottom edge of a well-respected growth channel. It seems that demand has an open path at least in the range of the consolidation, and thus to the vicinity of resistance at 86.90 – 87.00.
