Market Optimism - CADJPY Moving Higher
With a "Phase I" trade deal between the US and China finally agreed upon, markets have continued to take on a "Risk On" mantra in recent sessions.
In fact, this can be seen in the $CADJPY pair, as the Canadian Dollar appears to be marching higher since the lows of August 2019.
On a technical basis, bulls continue to be in control, with prices still in a "Rising Channel" formation. To lend more support to this view, it also seems that an "Ascending Triangle" pattern has formed, coupled with a rising RSI.
If such market euphoria continues, we could see prices break higher through $83.64 (Green Trend Line) and make a run for $84.59 (Orange Weekly Resistance Line). However, if this recent bullish momentum fails, we could see prices fall back down to $82.41 level (Bottom of the Rising Channel).
In fact, this can be seen in the $CADJPY pair, as the Canadian Dollar appears to be marching higher since the lows of August 2019.
On a technical basis, bulls continue to be in control, with prices still in a "Rising Channel" formation. To lend more support to this view, it also seems that an "Ascending Triangle" pattern has formed, coupled with a rising RSI.
If such market euphoria continues, we could see prices break higher through $83.64 (Green Trend Line) and make a run for $84.59 (Orange Weekly Resistance Line). However, if this recent bullish momentum fails, we could see prices fall back down to $82.41 level (Bottom of the Rising Channel).