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CAD/JPY – Can the Rebound Continue?
After a massive 2000 point drop CAD/JPY has been in a slow but steady rebound for the past three months making higher lows with each successive wave up. The recovery has been driven by firmer oil prices, but with crude leveling off at the $45/bbl level the pair may need another catalyst to push it higher.
One possibility is the improving tone in USD/JPY trade which appears to have bottomed out and is now making a recovery move. Although few traders expect the Fed to do anything at the upcoming June meeting, better US data could provide scope for further rally in the pair. That’s why all eyes will be on US Retail Sales tomorrow to see if the consumer is finally ready to spend. The market is looking for a rebound of 0.3% from -0.1% the month prior. If the news surprises to the upside it could lift USD/JPY towards 110.00 figure and push CAD/JPY towards 86.00