Movement in the interior of the channel lasted 2.5 months
As long as CADJPY was moving inside descending channel, the direction of the trend was obvious. However, this has changed because yesterday price broke the upper limit of the channel. The downward movement, which has been running since mid-February, brought CADJPY from 87.73 to 80.57. This gives a big boost to demand and the possibility of upward movement up to level of 84.90.
CADJPY broke resistance at 82.00
The upper limit of the bearish channel was tested multiple times in last week. However, it was strengthened by resistance at 82.00. Such a chart layout has caused considerable difficulties for demand. In the end, however, Wednesday’s quotes ended above 82.00 and today there is a return to this key level. Thus, the demand confirmed the breakout and the level of 82.00 from this moment will help the demand. The nearest targets for demand are at levels 83.40, 84.90