We have outlooked several promising Forex pairs and the result can surprise you!
CAD/JPY formed a “shooting star”
Information is not investment advice
CAD/JPY formed a “shooting star” candlestick on D1. This means that the pair will likely move down in line with the overall downtrend.
On H1 and H4, there’s a lower high. As a result, the decline below 81.20 (50% Fibo of the June 18 - June 20 advance) will open the way to 81.07 and 80.85. The outlook will remain negative as long as the pair is below 81.50.
Notice that Canada will release retail sales figures at 15:30 MT time today. The forecasts are negative.
In the middle of September 2022, the Canadian dollar has fallen to a 2-year low against the USD.
The US dollar index has all chances of reaching the 2000s high of 120.00.
Many investors treated gold as a protection against inflation. However, last week, gold lost its major support and dropped despite rising inflation. Why did it act like this?