CAD/JPY: Trade ideas for August 07
The CADJPY has found resistance near to the 93.70 level, where is located the 61.8 Fibo level at H1 chart. Now this pair is trying to continue the decline to the support level of 93.12. If CADJPY manages to make a breakout at that level, it would be expected to fall to the level of 92.67.
Furthermore, the CADJPY could be also forming a pattern bullish to start a new bullish trend in the medium term. If CADJPY manages to make a breakout on the resistance level of 93.70, it would be expected to rise to the level of 94.06, where the 200 EMA is located. The CCI indicator is pointing downwards and forming a potential bearish divergence.
Trading recommendations: We don't recommend to put intraday positions during today in the CADJPY, because this pair is not forming clear patterns for do intraday's trading.