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CADJPY Hits Second Target
The CADJPY breakout trade continues to deliver here, with price blowing through another target at 90.69 and clearing the previous 2021 highs. The crude market rally has acted as a platform for firm CAD upside here. Rising BOC tightening expectations are turning the outlook decidedly bullish here. At the same time, the lack of safe haven demand for JPY, as well as the BOJ’s commitment to maintaining easing, is keeping JPY pressured. With this dynamic likely to continue in the near term, CADJPY has plenty of room to continue higher.
