CADJPY Downtrend Intact

by Ashraf Laidi

Sep 10, 2009 10:56

CADJPY continues to show a generally predictable downtrend despite the noise from occasional waves of risk appetite. Such price action is similar to USDJPY, whose peaks have consistently respected the various falling trend lines. The trend line from the 90.23 high thru the 88.39 high held up earlier this week, paving the way for a preliminary target of 84.45 and a break of which (below 84.30) to open the path for 83.60. Any rebound remains capped at 85.80. USDCAD still expected to regain 1.09 and onto 1.1030.

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