Monday, May 4, 2015

CADJPY Sell Recommendation May 5th 2015

Currency Pair: CADJPY
Timeframe: Hourly Chart (H1)
Recommendation: Sell CADJPY @ 99.10
Take Profit @ 98.35
Stop Loss @ 99.50

I am shorting the CADJPY today and think we could see a bigger move to the downside. I have a take profit target of 98.35, but am very likely to extend this one down to maybe 95.10 as this trade unfolds. The descending resistance level which formed has given me the final bearish trading signal I needed for this currency pair.

Economic data out of Canada could move the CADJPY as international merchandise trade data for March will be released while Bank of Canada's Wilikins speech in Montreal could additionally add some volatility. Overall I really like this short trade around current levels.



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