The CAD/JPY currency pair is currently under negative pressure, influenced by the resistance level at 109.75 and persistent negative momentum from major indicators. Recently, the price has reached 107.65, indicating a continuation of bearish sentiment.
The moving average (MA55) is situated below this resistance level, which may enhance the likelihood of accumulating additional negative momentum. This could lead to further declines, with potential targets at 107.05, followed by a test of the 50% Fibonacci retracement level at 106.40.
Today’s expected trading range is between 107.05 (support) and 108.85 (resistance).
Trend Outlook: Bearish
Related topics: