Commodities Forex

Squawk: USDCAD stays bullish but USDJPY is caught in an intermediate-term…

Squawk / 21 November 2018 at 8:42 GMT

USDCAD stays bullish, but USDJPY is caught in an intermediate-term rang by Steve Miley

We have recently highlighted upside threats for USDCAD and USDJPY.
The ensuing USDCAD surge higher has reinforced the previous push above a key resistance at 1.3228, sustaining the intermediate-term bullish theme.
This has been helped by ongoing weakness in the Oil price, with the Canadian Dollar directly correlated with the price of Oil (as a net exporter)
However, a USDJPY has reflected a more risk averse global backdrop, with major equity markets falling into the second half of November and the Japanese Yen rallying, seen as a safe haven.
This leaves USDJPY in an intermediate-term range.

See the full article and video analysis here: https://www.forextraders.com/forex-charts/technical-analysis/usdcad-stays-bullish-but-usdjpy-is-caught-in-an-intermediate-term-range/

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