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CADJPY: Sellers Need to Defend 83.80
CADJPY has worked out well for us so far this year. It all started when the pair was approaching former channel support as new resistance at 84.50. You can see that commentary here. The Canadian dollar cross then carved a sell signal on March 1st. That bearish candle triggered a 170-pip loss over the next five sessions. However, on March 8th, CADJPY reached the first key support area at 82.30/40. Since then, the pair has regained 150 pips of the 280 pips lost since the pair carved a year-to-date high on March 1st. You may notice that this recovery is about half of the recent losses. In fact, the 50% level of the ... (full story)