More CADJPY Losses

by Ashraf Laidi

Apr 20, 2009 11:25

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.

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