USD/CAD and CAD/JPY — February 23rd 2012
Watch the latest analysis of the USD/CAD, CAD/JPY Forex pairs for the February 23rd in this video. USD/CAD — This pair is a bit of grind sideways and continues to chop around the parity level. One thing that is interesting though is the fact the oil can rise without the Loonie. This shows to us that CAD strength isn’t there — and oil is basically a reaction to the Iranian situation more than anything else. With this in mind, it is very difficult pair to trade at the moment and seen as a scalper’s trade. CAD/JPY — This pair went parabolic last week. However, the candles for this week look like a pullback is likely. The 81.00 level look as significant resistance. We had a nice gap up based on the Oil prices. Unlike United states, the Japanese import 100% of their Oil. Overall, the pair should be strong, but we see some real chances at a short—term selling opportunity. We are interested in fading the 81.00 level if we could get there. We are looking for signs of weakness for short term trade to the downside.
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