More CADJPY Losses
Recent losses in CAD are likely to intensify against the Japanese currency as global risk appetite is expected to come under broad pressure after a positive 2 weeks. Tuesdays interest rate decision by the Bank of Canada (9.00 EST, 13:00 GMT) is expected to leave rates unchanged at 0.50% according to consensus, but the cenbank could well lay out the groundwork for credit easing, in the event that it is forced to cut rates to 0.25%. Although all JPY crosses have dropped over the past 2-3 days, CADJPY downside is underlined by CAD-specific factors as well as systemic-related factors (US earnings, stress test confusion/concerns etcc). Interim target stands at 79.70, while weekly chart shows losses to extend towards 78.40. Last weeks high of 82.75, consisted of a breach of the key 83.25 resistance 38% retracement of the decline from the Jul high to the Jan low.
More Hot-Charts
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Nasdaq Gap & SOX
Oct 8, 2024 18:23 | by Ashraf LaidiNasdaq100 faces next resistance at 20080, followed by 20266, which represent the bottom and top of the Jul 17 gap respectively. -
Nasdaq100 Update
Sep 12, 2024 18:11 | by Ashraf LaidiSince entering Nasdaq100 Longs on Monday at 18550, we kept accumulating and locking gains until 19230 yesterday and 19380 today. -
Pre CPI Charts
Sep 11, 2024 13:05 | by Ashraf LaidiWill Nasdaq extend gains towards 18980s this week before retracing lower on the week of the Fed.
JZ, Watch out for the BoC decision today and the policy report from the BoC on Thursday. I think we'll still go above 1.25 and 1.27 in the next few weeks as stocks fall further. Further declines in oil do help weigh on CAD BUT they're not obligatory for CAD to drop. Stocks have MORE INFLUENCE on CAD than oil.
P.S. CADJPY hit a session low of 78.69, right at the 78.70 target in this HotChart.
Ashraf
Ashraf.do you think oil heading toward $45&USD/CAN at.1.2700 in the near term? Your opionion's greatly appreciated.Thank you.
Why did Eur/CHF go down to 1.51 instead of 1.53, will it still go up, or down...thanks
Sam
Cappy, it's down over 120 pips so far.
Houram, let's take it bit by bit (instead of the whole 4 weeks). dont think risk appetite will drop without interuption for next 4 weeks. medium term target stands at 51 before month end. I dont see any rapid declines in stocks until late May to June.
Ashraf
Assuming that we will see risk appetite coming under pressure for the next 4 weeks, where would you see NZD/JPY, below 48?
Thanks
Houram
Cappy