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18 Sep 2013
CAD/JPY gathering bids above 96.20
FXstreet.com (Barcelona) - The AUD/CAD foreign exchange cross rate is currently trading at 96.31 off session lows at 96.22 after retracing from fresh weekly highs at 96.70 printed on the back of better than expected manufacturing sales in Canada.
CAD/JPY firm floor is in place
“CAD/JPY has recovered a little of the softness seen over the past few trading sessions, with a strong bounce in the market emerging in the upper 95 area, ahead of key support we noted at 95.15/25 (trend and August high respectively),” said the TD Securities Toronto based FX Research Team, adding: “The strength of the recovery from Monday’s low suggests that a firm floor is in place now and that the market can proceed back towards the 98 area (we target 98.20 as a consequence of moving through the August high (double bottom break out) at 95.25.”
CAD/JPY key technical levels
Immediate resistance to the upside for CAD/JPY shows at recent session highs 96.35, followed by Sept 11 lows at 96.56, and mentioned NY session weekly highs and past Friday's highs at 96.70. To the downside closest support lies at mentioned recent session lows 96.22, followed by Monday's lows at 96.12, and Thurs/Fri lows at 95.87/85.
CAD/JPY firm floor is in place
“CAD/JPY has recovered a little of the softness seen over the past few trading sessions, with a strong bounce in the market emerging in the upper 95 area, ahead of key support we noted at 95.15/25 (trend and August high respectively),” said the TD Securities Toronto based FX Research Team, adding: “The strength of the recovery from Monday’s low suggests that a firm floor is in place now and that the market can proceed back towards the 98 area (we target 98.20 as a consequence of moving through the August high (double bottom break out) at 95.25.”
CAD/JPY key technical levels
Immediate resistance to the upside for CAD/JPY shows at recent session highs 96.35, followed by Sept 11 lows at 96.56, and mentioned NY session weekly highs and past Friday's highs at 96.70. To the downside closest support lies at mentioned recent session lows 96.22, followed by Monday's lows at 96.12, and Thurs/Fri lows at 95.87/85.