Technical: Our descending trend line has been just touched as the market opened, I expect to see a short following our bearish parallel channel. Market started off with a bearish candle so far, however a breakout may also be possible so trade at your own risk with proper risk management. Also, if we look at the short term RSI (on 1h and 4h), we can see the pair is in the overbought region. Personally I am not a big fan of indicators but for anyone interested just thought I might throw this in as well. After all, it's best to find as many indications possible of why this pair could turn bearish. Hope my technical ideas help. Very simple, mostly price action based.
Fundamental: Quarterly GDP rates of the Japanese Yen are supposedly expected to turn out positive today. In this chart we could see the bearish momentum of the Canadian Dollar as the Japanese Yen takes over.
Hope this makes sense but anything can happen. More market momentum would help understand the future price action better, however, on my side I entered the trade just about now due to FOMO on a perfect entry.
Fundamental: Quarterly GDP rates of the Japanese Yen are supposedly expected to turn out positive today. In this chart we could see the bearish momentum of the Canadian Dollar as the Japanese Yen takes over.
Hope this makes sense but anything can happen. More market momentum would help understand the future price action better, however, on my side I entered the trade just about now due to FOMO on a perfect entry.