Remember the 84.50 resistance area on CADJPY? I pointed out this area on the 25th of February. The reason I continue to like the 84.50 area is that it’s the former ascending channel support that extends from the 2016 low. You may recall how this former channel support triggered the 600-pip selloff last December. As we know, old support becomes new resistance. That means this weeks retest of 84.50 was likely to encounter selling pressure. CADJPY did manage a high of 85.23 on Friday, but it turned out to be the last gasp from bulls. I sold the pair at 85.06 which I announced in the member’s area. As for key support on ... (full story)