CAD/JPY is Still Bearish but Pay Attention to CAD Data Today

The BOC will release important data today. The interest rate at which major financial institutions borrow and lend overnight funds between themselves (Overnight rate) and BOC statement will make all the CAD basket very volatile.

Technically the pair is bearish in a daily chart while H4 is showing that the retracement has possibly ended and that new down move is shaping up. Break of fractal trend line – 88.95 might spur additional bearish momentum towards 88.60 and 88.30. However, traders need to pay attention to CAD data today and protect the profits if they make a trade. The price will be very volatile.

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