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5 Feb 2015
CAD/JPY retakes 94.00 handle
FXStreet (Mumbai) - The CAD/JPY trades well above 94.00 levels as a sharp rise in the Crude prices in the US pushed up the Canadian dollar across the board.
CAD recovers along with Crude
WTI Crude prices trade above USD 50.00/barrel, after having recovered from the low of USD 47.36 seen earlier today. The sharp rise in Crude triggered a recovery in the CAD, pushing the USD/CAD pair lower by 1% to 1.2448 levels. Meanwhile, the USD/JPY was pushed 0.17% higher as the 10-year Treasury yield in the US gained 1.3 basis points to 1.807%. Consequently, the CAD/JPY pair rose above 94.00 levels, currently trading 1.12% higher at 94.31 levels.
CAD/JPY Technical Levels
The immediate resistance is seen at the previous session’s high of 94.99 levels, above which gains could be extended to 95.39 (Jan. 26th high). On the flip side, a break below 94.09 (Jan. 25th low) shall open doors for a re-test of 93.675 (5-DMA).
CAD recovers along with Crude
WTI Crude prices trade above USD 50.00/barrel, after having recovered from the low of USD 47.36 seen earlier today. The sharp rise in Crude triggered a recovery in the CAD, pushing the USD/CAD pair lower by 1% to 1.2448 levels. Meanwhile, the USD/JPY was pushed 0.17% higher as the 10-year Treasury yield in the US gained 1.3 basis points to 1.807%. Consequently, the CAD/JPY pair rose above 94.00 levels, currently trading 1.12% higher at 94.31 levels.
CAD/JPY Technical Levels
The immediate resistance is seen at the previous session’s high of 94.99 levels, above which gains could be extended to 95.39 (Jan. 26th high). On the flip side, a break below 94.09 (Jan. 25th low) shall open doors for a re-test of 93.675 (5-DMA).