Our free forex signals service trade today is a buy order on the CAD/JPY. The pair will go upside if it finds a bounce off from the support level.
The CAD/JPY pair moves sideways in the short term as the Japanese Yen futures consolidate. However, the price action signaled that the currency pair ended its downside movement and that the buyers could take the lead again.
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Fundamentally, the Japanese economic data came in mixed today. The Economic Watchers Sentiment was reported at 47.8 points above 45.0 expected compared to 37.7 points in the previous reporting period. At the same time, the Current Account came in at 0.52T in February, far above 0.27T estimates and versus 0.18T in January. Unfortunately for the JPY, Consumer Confidence dropped unexpectedly from 35.3 to 32.8 points, even if the buyers expected a potential growth to 36.9 points.
Canadian Unemployment Rate 5.4% expected
Later, Canada is to release high-impact data, and the economic figures could be decisive. For example, the Unemployment Rate is expected to drop from 5.5% to 5.4%, while the Employment Change could be reported at 77.5K in March versus 336K in the last reporting period.
From the technical point of view, the pair escaped from a down-channel pattern, and now it seems determined to come back higher.
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Free forex signals – Buy CAD/JPY at 98.72
Free forex signals entry price and take-profit
Instrument: CAD/JPY
Order Type: BUY STOP
Entry price: 98.72
Stop Loss: 98.09
TP1: 99.72
My Risk: 1%
Risk / Reward Ratio: 1:1.6
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