- CAD/JPY is trading 0.40% higher today as commodities perform well.
- The pair just found some resistance at the psychological 83.000 level.
Today has been a strong day for the dollar with both CAD and JPY selling off in the US session.
CAD performed slightly better overall on the day as oil has pushed higher after some OPEC comments.
Later we do get the latest API inventory figures so we could expect some volatility.
JPY has suffered today as the risk environment turned positive and USD/JPY rose 0.50%.
Longer-term the BoC have just recently turned more dovish so this pair will be based on who is the underperformer. safe haven or BoC and commodities.
As long as the trade rhetoric between the US and China stays positive the pair could keep rising.
The 4-hour chart is still making higher highs and higher lows. There was a deeper correction to 0.82000 but this has now been almost fully pared.
Now the previous wave high of 0.83554 will be in focus as a break will mean the trend is continuing.
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