Forex $1 MM Challenge - Trade #17 (7-1-19) Sold CAD/JPY
The yuan gained and the safe-haven yen slid against the dollar on Monday as appetite for risk-sensitive currencies improved after the United States and China agreed to restart their troubled trade talks.
Although the Canadian markets closed for Canada Day the continued comments from Iran suggests that they are unlikely to back down, so if the oil continues to rise, downside on the Canadian dollar should be limited.
On the news, the CAD/JPY spiked higher, but higher into a daily supply zone.
Monthly Chart (Curve Time Frame) - monthly supply is at 0.05600 and monthly demand is at 0.04600.
Weekly Chart (Trend Time Frame) – the trend is down.
Daily Chart (Entry Time Frame) – the chart suggests to short price at the daily supply at 78.000
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
