The CAD/JPY pair crashed in the short term as the Japanese Yen Futures tried to rebound. It’s located at 110.92 at the time of writing. Still, a larger drop needs strong confirmation. Today, the FOMC Meeting Minutes could have a big impact on all markets. Tomorrow, the manufacturing and services data should move the markets.
Technically, the CAD/JPY pair escaped from the up channel pattern, signaling a potential reversal. Still, as long as it stays above 110.60, the rate could come back to retest the broken uptrend line and the former highs. Only a new lower low, dropping and closing below 110.60 activates more declines.
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