Major CAD-crosses are offering mixed signals, with both CAD/JPY and USD/CAD rates trading higher. A resilient USD and weakening risk appetite suggests that CAD/JPY rates may have a more difficult time sustaining their rally than USD/CAD rates.
The Canadian Dollar has had a mostly positive month across the spectrum of major currencies. But the two major CAD-crosses, are telling different stories altogether: both CAD/JPY and USD/CAD rates are rallying. While
, markets are actually discounting a relatively less hawkish BOC by the end of 2022 than they were one month ago. The net-result may be that both CAD/JPY and USD/CAD rates remain rangebound for the foreseeable future.CAD/JPY rates have been trading sideways for the better part of three months, finding support around 101.50 and resistance around 107.50. Momentum continues to improve, with the
pair above its daily 5-, 8-, 13-, and 21-EMA envelope, which is in bullish sequential order. Daily MACD is trending higher on the verge of crossing above its signal line, and daily Slow Stochastics are back in overbought territory. A move back toward the highs established in June and July is not out of the question, but a more significant risk-off move in global equity markets threatens to curtail the chances of a sustained rally to the upside.
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