We have outlooked several promising Forex pairs and the result can surprise you!
CAD/JPY turned down
Information is not investment advice
CAD/JPY recovered last week to the 78.00 area (38.2% Fibonacci of the February-March decline), but then turned down again getting back below the 50-period MA on the H4. On the H1, the pair formed a lower high. The resulting pattern resembles a bearish “Head and Shoulders”. This allows expecting a short-term top and a retest of support line in the 75.30 area. The outlook for the pair will improve only if the price gets above 78.50.
Trade ideas for CAD/JPY
SELL 76.15; TP 75.30; SL 76.30
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?