Despite facing strong bearish pressures and forming sharp decline by targeting 106.70, the main bullish track of the CADJPY remains valid by its stability above 50%Fibonacci correction level, which represents an important support at 106.40.

 

Note that the possibility of forming sideways trading due to the contradiction between the main indicators, but the stability above the mentioned support will reinforce the chances for gathering the positive momentum, to ease the mission of its rally to 108.10, surpassing this obstacle might extend the trading to the next main target at 109.30.

 

The expected trading range for today is between 106.50 and 107.90

 

Trend forecast: Bullish