CAD/JPY 1D Chart: Fibonacci and Channel
The Canadian Dollar by large is doing a long term rebound against the Japanese Yen, as the rate has formed a long term ascending channel pattern. However, there are some details that need to be taken into account, if one wants to speculated on this pairs movements.
First of all the rate seems to be highly influenced by the Fibonacci retracement levels, which can be observed on the chart. Secondly, the retracement levels only mark the approximate location of a zone, where the rate might change direction.
Third and last in the short term the weekly pivot points seem to be playing a large role, as the SMAs are far below the exchange rate.
First of all the rate seems to be highly influenced by the Fibonacci retracement levels, which can be observed on the chart. Secondly, the retracement levels only mark the approximate location of a zone, where the rate might change direction.
Third and last in the short term the weekly pivot points seem to be playing a large role, as the SMAs are far below the exchange rate.