CAD/JPY changed little in the short term as the buyers are exhausted. The bias is bullish, so the pair could resume its growth soon. It’s trapped within a minor continuation pattern, a valid breakout from this formation may signal an upside continuation.
The pair has slipped lower after worse than expected Canadian retail sales data. The Retail Sales indicator dropped by 5.7% versus 5.1% expected, while the Core Retail Sales decreased by 7.2% more versus the 4.4% forecast.
CAD/JPY H1 Chart Technical Analysis!
CAD/JPY has decreased a little but it has failed to retest the R1 (89.956). It has developed a minor continuation pattern on the H1 chart. Making an upside breakout and passing above the downtrend line could signal potential growth.
A minor consolidation was expected and it’s natural after the amazing rally. CAD/JPY tries to accumulate more bullish energy before jumping higher.
Conclusion!
The outlook is bullish as long as it stays above the R1 and above the median line (ML). Taking out the immediate resistance levels could bring us a new long opportunity.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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