Our free forex signals service today looks at the CAD/JPY and we have the entry, stop and take profits levels for you.
Canadian dollar maintains a positive outlook as the risk sentiment is positive in the week. The Canadian dollar is gaining against most of the peers as the decline led by the USD/CAD pair is affecting all the pairs.
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Meanwhile, the Canadian dollar gains as WTI crude rises above $69 a barrel amid concerns over interruptions caused by Tropical Storm Ida. Moreover, Canada exceeded its first-quarter current account surplus by CAD 3.6 billion in Q2.
Fed Chairman Jerome Powell reassured the markets that the Fed is not in a rush to raise interest rates during his highly anticipated speech at a symposium in Jackson Hole.
US Treasury yields declined as markets were reassessed when it is likely the Fed will begin the tightening process. This was seen as a key factor that continued to undermine the dollar.
The yen, like the dollar, is a countercyclical safe haven. In this sense, global growth is slowing down and risk appetite is weakening.
A similar trend is observed with the Japanese yen in response to the increase in short-term US Treasury yields, a measure of expectation of what the US Federal Reserve is going to do. In the US, the interest rate is very high and this makes the Yen very susceptible to devaluation. ”
CAD.JPY free forex signals
Instrument: CAD/JPY
Order Type: BUY STOP
Entry price: 87.601
Stop Loss: 86.49
TP1: 89.25
Our Risk Setting: 1%
Risk / Reward Ratio: 1:1.5
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Saqib Iqbal
