CAD/JPY: Shorts Attractive Here For A Move Towards 84.00 – TD

What is the outlook for CAD/JPY?
Here is their view, courtesy of eFXdata:
TD Research likes tactical short CADJPY exposure around current levels  (spot ref: @88.97), targeting a move to 84.00 with a stop-loss trigger of 91.85.
“While the BoC remains one of the most hawkish central banks in the G10, our dashboard shows that there’s too much optimism priced into CAD now,’ TD notes.
“CADJPY is running at a 6% premium based on our Global Macro PCA, while positioning has reached extreme overbought levels,” TD adds.
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Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer.