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CAD/JPY – Can the Rebound Continue?
CAD/JPY has been on a bounce lately boosted by recovery in the oil prices and better risk appetite. But the pair may be running out gas, as today late day reversal suggests that 84.00 may be too much for the unit. The drop in the pair was due to late day fade in oil prices as well as a wobbly close in stocks with both loonie and USD/JPY dropping as the day came to a close.
Tomorrow the market is going to get a look at the Canadian Retail Sales which given the upside surprise in today’s Wholesale Sales number could beat their mark as well. That would bode well for the loonie as it would suggest that the Canadian consumer remains healthy despite the complete collapse of oil prices over the past few months. If the economic data provides loonie with a boost, the pair could once again make a move towards the 84.00 level.