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CADJPY – Back to 85.00?
After making a double top at the 89.00 level CADJPY is failing ahead of 88.00 and looks to be headed towards a test of 85.00 as risk aversion flows once again dominate the market. With Washington DC in turmoil and President Trump greatly weakened in his power by the events of the week, markets are losing all faith in any policy progress by the end of this year.
In addition, the renewed terrorist violence in Barcelona is only adding to tensions amongst investors and USDJPY looks like it is ready to retest the 109.00 figure having caught many traders in a bullish trap. Meanwhile, oil continues to slide down and tomorrow’s Canadian CPI data could weaken the loonie further if it misses the mark and prints negative. With sentiment decidedly sour, CADJPY could see 85.00 by the end of the week.