Free Forex Signals and Forecast: Buy CAD/JPY – 09 August 2021
Forex Trading Signals

Free Forex Signals and Forecast: Buy CAD/JPY – 09 August 2021

Our free forex signals service today looks at the CAD/JPY and we have the entry, stop and take profits levels for you.

The Canadian employment data released on Friday that missed expectations of the market participants. Although the unemployment rate fell to 7.5% from 7.8% in June, it was expected to come at 7.4%. This led to a fall in the Canadian Dollar across the board.

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On Monday, the Canadian Dollar continued the Friday’s trend during the Asian session. However, it found some support as the European markets opened. Still, there are several factors that can hamper further rise in the Canadian Dollar. One of the major factors is crude oil prices that fell 2% on Monday amid rising fear of coronavirus and potentially declining demand.

On the other hand, the Japanese Yen has also shown some traction on the day as the risk sentiment remains sour. Most of the JPY pairs follow the USD/JPY pair. In the wake of USD/JPY’s fall today, the CAD/JPY may also keep falling.

However, any rise of CAD/JPY pair beyond the 88.00 mark will trigger strong buying and shed off bearish momentum.


CAD/JPY free forex signals

CAD/JPY free forex signals
CAD/JPY 4-hour chart signal

Instrument: CAD/JPY
Entry price: 88.321
Stop Loss: 87.367
TP1: 90.003

Recommended Risk: 1%
Risk / Reward Ratio: 1:1.76

Signal validity period: Good until cancelled

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Saqib Iqbal

Saqib Iqbal

Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis.