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Close CAD/JPY Trade at market (now 86.37)
Its breaking all resistance as CAD soars
New CAD/JPY Order
Place Order to Sell CAD/JPY at 84.80
Stop at 86.80
There are 2 reasons why we like selling CAD/JPY. First oil prices are falling following the disappointment in Doha and we believe this move could put additional pressure on oil and carve out a near term bottom in the Canadian dollar. We are also bearish US dollars and the continuous cycle of earthquakes in Japan makes us worried that more damage could hit the nation. Each tremor has led to a bout of yen strength and between our bearish outlook for the dollar and bullish outlook for the yen, we believe that the Yen component of the trade should also drive CAD/JPY down.