CADJPY - Bullish Bias
CAD - BULLISH
1️⃣ The Bank of Canada kept the interest rate unchanged at 0.25%. Additionally, the central bank forecasts positive GDP growth in the first quarter of 2021 as the economy is proving to be more resilient than anticipated to the second wave of the virus and the associated containment measures.
2️⃣ Oil prices, one of Canada’s major exports, steadied around $64 per barrel, near an over 2-year high of $67.98 hit in the beginning of the week.
3️⃣ The economy advanced an annualized 9.6% in Q4, beating market forecasts of 7.5%.
JPY - BEARISH
1️⃣ A strong post-pandemic recovery in the US after the US Congress passed a US$1.9 trillion relief package Wednesday to support businesses and households battered by the coronavirus pandemic.
2️⃣ Producer prices declined 0.7% annualized in February, falling at a slower pace in February for a 3rd straight month.
3️⃣ Positive risk tone weighing on the safe-haven JPY.
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Technical
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We are looking to buy the CADJPY on RBS + above SMA 50 on the H1 chart.
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Risk to this trade
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Any change in sentiment could turn the pair's direction.
1️⃣ The Bank of Canada kept the interest rate unchanged at 0.25%. Additionally, the central bank forecasts positive GDP growth in the first quarter of 2021 as the economy is proving to be more resilient than anticipated to the second wave of the virus and the associated containment measures.
2️⃣ Oil prices, one of Canada’s major exports, steadied around $64 per barrel, near an over 2-year high of $67.98 hit in the beginning of the week.
3️⃣ The economy advanced an annualized 9.6% in Q4, beating market forecasts of 7.5%.
JPY - BEARISH
1️⃣ A strong post-pandemic recovery in the US after the US Congress passed a US$1.9 trillion relief package Wednesday to support businesses and households battered by the coronavirus pandemic.
2️⃣ Producer prices declined 0.7% annualized in February, falling at a slower pace in February for a 3rd straight month.
3️⃣ Positive risk tone weighing on the safe-haven JPY.
=====
Technical
=====
We are looking to buy the CADJPY on RBS + above SMA 50 on the H1 chart.
=====
Risk to this trade
=====
Any change in sentiment could turn the pair's direction.
Order cancelled
DELETE PENDING ORDERWe are buying CADCHF for the moment.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.