CADJPY's Next Target

by Ashraf Laidi

Jun 15, 2009 12:47

A host of JPY cross pairs could see extended selling ahead of what could be 3-5% retreat in equities this week. Opting for a short play in CADJPY is backed by increased jawboning from the Bank of Canada over loonie strength--especially following the return of the trade balance to deficit territory. Last weeks release of the Q1 industrial capacity figures showed the lowest level on record. CADJPYs 6-month uptrend is supported at the 83.70 bottom of the channel. But interim selling remains ample towards 86.00, 85.20 and 84.70. Prolonged pullbacks seen driven by oil's break below $68.70.

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