CADJPY Trade Idea (16th March 2020)
Currency Pair: CADJPY
Timeframe: 15 mins
Date/Time of Signal: 16th March 2020 / 1630hrs (SGT)
Review:
Last Saturday (14th March 2020), Bank of Canada (BoC) carried out an emergency cut of interest rate by 0.50% as a “proactive measure taken in light of the negative shocks to Canada’s economy arising from the COVID-19 pandemic and the recent sharp drop in oil prices”.
With the worsening condition of the coronavirus outbreak and the continuing drop in oil prices, the Canadian Dollar is likely to weaken against Yen.
Recently, CADJPY has been on a downtrend and has retested and unable to break through the Resistance level of 76.80.
Trade signaled to SELL CADJPY (Entry: 76.50) with 3 Take Profit (TP) Targets (TP1: 76.30, TP2: 76.10, TP3: 75.90) and Stop Loss (SL) at 76.80.
Timeframe: 15 mins
Date/Time of Signal: 16th March 2020 / 1630hrs (SGT)
Review:
Last Saturday (14th March 2020), Bank of Canada (BoC) carried out an emergency cut of interest rate by 0.50% as a “proactive measure taken in light of the negative shocks to Canada’s economy arising from the COVID-19 pandemic and the recent sharp drop in oil prices”.
With the worsening condition of the coronavirus outbreak and the continuing drop in oil prices, the Canadian Dollar is likely to weaken against Yen.
Recently, CADJPY has been on a downtrend and has retested and unable to break through the Resistance level of 76.80.
Trade signaled to SELL CADJPY (Entry: 76.50) with 3 Take Profit (TP) Targets (TP1: 76.30, TP2: 76.10, TP3: 75.90) and Stop Loss (SL) at 76.80.
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