CADJPY Daily Outlook – On Monday the Empire State index showed stable conditions in June after two months of record declines, Canadian Manufacturing sales fell by a record 28.5% in April but their home sales rebounded by a record 56.9%, and the EU and the UK agreed to speed up Brexit trade talks.
Welcome to the Tickmill update, I’m Kiana Danial the founder of the Invest Diva movement. Make sure to subscribe to the Tickmill YouTube channel and support us by liking and sharing this video with your forex trading friends.
On Tuesday we’ll be eying Germany’s inflation rate, the Euro area’s ZEW economic sentiment index, and US retail sales.
Today I’m looking at the CAD/JPY pair which bounced back off the daily Ichimoku cloud after briefly testing its upper band last week. The future cloud appears bullish so last week’s losses may have simply been a temporary pullback. Currently, the pair is testing the 50% Fibonacci retracement level of 79.33. Confirmation of a break above it could open doors for further gains towards 80 and 82 respectively.
Do you think the CAD/JPY pair is in an overall uptrend? Head over to the comments section and let me know.
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