The CADJPY has rallied a bit during the Monday session to test the 50-Day EMA and the ¥160 level.
Enter your emailThe Canadian dollar has a strong correlation to the crude oil market, so therefore you should probably pay attention to that as well. This is a market that is trying to figure out where wants to go next, but the one thing for certain is that the Bank of Japan will keep its loose monetary policy going.
Because of this, one would assume that sooner or later we will see the yen selloff again, but do not forget that we recently had seen the Bank of Japan step in and defend the currency.That has a lot of traders concerned, but the history of central bank intervention is one of failure most of the time. This is because the moves aren’t designed to reverse the trend, only slow it down.
he Bank of Canada has its own issues obviously, but at this point, it appears that people are paying more attention to Japan than anything else. A break above the ¥110 level could bring in a new rush of buying going forward. In the short term, it looks like we are stuck in a little bit of a tight consolidation area, which is not a huge surprise considering that people are starting to rethink global growth.
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