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20 Sep 2013
CAD/JPY unable to sustain gains above multi-month highs at 97.00
FXstreet.com (Barcelona) - The AUD/CAD foreign exchange cross rate is currently trading at 96.81 ahead of BoJ Kuroda speech at 02:30 GMT with Chinese markets closed for second consecutive day, retraicing from fresh 2-month highs at 97.58, but still a +0.88% higher for the week so far.
CAD/JPY bid tone sustained
“Marginal new highs for the cross today (since July) sustain the bid tone here,” said the TD Securities Toronto based FX Research Team, adding: “We continue to target a push to the low 98 area—the measured move target from the 92/95 double bottom triggered by the early September break above 95.23. The market has found steady support in the upper 95 area this week but key support for the bull picture remains 95.05/25 (daily trend, now support, and the early August peak/double bottom trigger).”
CAD/JPY key technical levels
Immediate resistance to the upside for CAD/JPY shows at Sept 11 highs 97.20, followed by early NY session fresh 2-month highs at 97.58, and July 24 highs at 97.66. To the downside closest support lies at NY session lows/Sept 13-Tuesday's highs 96.71/67, followed by Sept 11 lows at 96.55, and Sept 10 lows at 95.91.
CAD/JPY bid tone sustained
“Marginal new highs for the cross today (since July) sustain the bid tone here,” said the TD Securities Toronto based FX Research Team, adding: “We continue to target a push to the low 98 area—the measured move target from the 92/95 double bottom triggered by the early September break above 95.23. The market has found steady support in the upper 95 area this week but key support for the bull picture remains 95.05/25 (daily trend, now support, and the early August peak/double bottom trigger).”
CAD/JPY key technical levels
Immediate resistance to the upside for CAD/JPY shows at Sept 11 highs 97.20, followed by early NY session fresh 2-month highs at 97.58, and July 24 highs at 97.66. To the downside closest support lies at NY session lows/Sept 13-Tuesday's highs 96.71/67, followed by Sept 11 lows at 96.55, and Sept 10 lows at 95.91.