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Risk aversion is back in the currency market as geopolitical tensions with Russia escalate and markets begin to fear a full scale invasion into Ukraine. That has pushed yen crosses lower with USD/JPY threatening to break the 102.00 level once again. Meanwhile in Canada tomorrow brings the employment report with market looking for strong bounce from last months negative reading. However if the data misses and more importantly maybe even prints negative for second month in row, the loonie will get hit badly as the growth differential between US and Canada will widen materially. Therefore the combination of risk aversion and weak data could send CAD/JPY cross tumbling through the 93.00 level.
A break below the 93.00 support opens up the possibility of a run towards 92.00 while only a close above 94.00 alleviates the bearish bias and put the pair back in neutral footing.