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CADJPY rallies to 1-month high; rises in upward sloping channel
CADJPY is in a flying mode today as it surges above the 50-day simple moving average and the 23.6% Fibonacci retracement level of the up leg from 78.48 to 84.55 near 83.11, stretching its upward pattern towards a one-month high. According to the RSI, positive momentum could push for further gains in the short-term as the indicator picks up steam above its 50 level. The stochastic is also advancing, though, it is relatively close to the overbought threshold; negative corrections cannot be excluded should it move above 80. In the positive scenario, where the price continues to expand above today’s high of 83.78, a ... (full story)