CAD/JPY recovers losses

FXStreet (Mumbai) - The Canadian dollar continues to benefit from the recovery in the oil prices, leading to a sharp rebound in the CAD/JPY pair.

Sharp gains in crude support CAD

The Canadian dollar continues to see buying interest across the board as Crude prices in the US extend the two-day rally of more than 11%. The USD/CAD pair is down another 0.27% to 1.2532, its third consecutive fall. Meanwhile, the Japanese Yen gave up most its gains against the US dollar, tracking the recovery in the US Treasury yields. The USD/JPY pair has recovered from the low of 116.86 to trade at 117.43 levels.

Consequently, the CAD/JPY cross recovered from the low of 92.41 to trade at 93.92 levels; up 0.41% for the day.

CAD/JPY Technical Levels

The immediate resistance is seen at 94.09, above which gains could be extended to 94.27 levels. On the flip side, a break below 93.84 (10-DMA) shall open doors for a re-test of 93.17 (5-DMA) levels.

Recovering oil to lead USD/CAD to retrace lower – Scotiabank

Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, comments that as long as WTI remains above $50 USD/CAD is set to retrace lower, expecting a close below 1.2537 to lead way for 1.2390 levels.
আরও পড়ুন Previous

Japanese 10yr yield rises to match German 10yr yields – BBH

Marc Chandler, Global Head of Currency Strategy at BBH, shares that 10yr JGB yields has risen 8bp, the highest gain since March 2013, to match German 10yr bunds, due to a poor bond auction in Japan.
আরও পড়ুন Next