8 Apr 2015
CAD/JPY: More gains to follow through 96.80? - TDS
FXStreet (Guatemala) - Analysts at TD securities noted that the CAD/JPY continues to pressure the upper end of the recent trading range.
Key Quotes:
"The cross has flirted with both extremes of the 94/96.50 range in place since February and has looked like break-out material more than once, only to disappoint. Short term trend momentum remains positive but the longer-term studies are still bearish; the lack of alignment here leaves us with a very low conviction view of the CAD’s potential to extend higher (mixed trend signals rather favour range trading)."
"A break and hold (through Friday) above 96.80 (the early March high) would be supportive of more gains, however."
Key Quotes:
"The cross has flirted with both extremes of the 94/96.50 range in place since February and has looked like break-out material more than once, only to disappoint. Short term trend momentum remains positive but the longer-term studies are still bearish; the lack of alignment here leaves us with a very low conviction view of the CAD’s potential to extend higher (mixed trend signals rather favour range trading)."
"A break and hold (through Friday) above 96.80 (the early March high) would be supportive of more gains, however."