CADJPY Trade Idea (26th December 2019)
Currency Pair: CAD/JPY
Timeframe: H4
Date/Time of Signal: 26th December 2019 / 2320hrs (SGT)
Review:
The Canadian GDP m/m data was worse than expected, some of it was partly because of a U.S. auto strike that hit the Canadian manufacturing companies. However, it is expected that the impact to the Canadian auto manufacturing due to the strikes should be reversed very soon.
With definitive progress on the US-China trade deal and the Dec OPEC/OPEC+ agreement to constrain supply supports the idea for a stronger Canadian Dollar.
Recently, Japan both economic indicators, Core CPI y/y and Housing Starts y/y were worse than expected and previous.
CAD/JPY has been on an upward trend and a breakout momentum of level 83.50, trade signaled to buy CAD/JPY (Entry: 83.52) with 3 Take Profit (TP) Targets (TP1: 83.72, TP2: 83.92, TP3: 84.12) and Stop Loss (SL) at 82.22.
Timeframe: H4
Date/Time of Signal: 26th December 2019 / 2320hrs (SGT)
Review:
The Canadian GDP m/m data was worse than expected, some of it was partly because of a U.S. auto strike that hit the Canadian manufacturing companies. However, it is expected that the impact to the Canadian auto manufacturing due to the strikes should be reversed very soon.
With definitive progress on the US-China trade deal and the Dec OPEC/OPEC+ agreement to constrain supply supports the idea for a stronger Canadian Dollar.
Recently, Japan both economic indicators, Core CPI y/y and Housing Starts y/y were worse than expected and previous.
CAD/JPY has been on an upward trend and a breakout momentum of level 83.50, trade signaled to buy CAD/JPY (Entry: 83.52) with 3 Take Profit (TP) Targets (TP1: 83.72, TP2: 83.92, TP3: 84.12) and Stop Loss (SL) at 82.22.
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