CADJPY Daily Outlook - On Tuesday we found out that the US Home prices in April saw the biggest gain in 2 years, but they’re expected to drop by next year, the Spanish unemployment rose in May, a No-Deal Brexit Threat Looms Over the Pandemic-Ravaged U.K. and the US cities erupt in more violence amid threats from Trump.
Welcome to the Tickmill update, I’m Kiana Danial the founder of the Invest Diva movement. Make sure to subscribe to the Tickmill YouTube channel and support us by liking and sharing this video with your forex trading friends.
On Wednesday we’ll be looking at the swiss GDP, Germany’s unemployment and Canada’s Interest Rate decision.
Today I’m looking at the CAD/JPY pair which finally broke above the consolidation range as well as the daily Ichimoku cloud beginning of the week and reached the key resistance level and 38% Fibonacci retracement level of 80.58.
As the Ichimoku indicator suggests, we could see a temporary pullback here towards 79.33 before seeing further gains towards 82.
Do you think the new bullish momentum is here to stay? Head over to the comments section and let me know.
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% and 70% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.