CADJPY - BUY - 26th April 2021




CADJPY - BUY - 26th April 2021 (Closed)


Good evening team,

The BoC has become the first central bank to begin tapering bond purchases, essentially starting the process of withdrawing monetary support from the financial markets due to positive economic data. The central bank also stated that the market would recover a lot quicker than what many analysts had previously forecast. With this in mind the CAD provides a fundamentally bullish outlook due to supply and demand. If the central bank begins to cut supply whilst demand remains the same the currency should strengthen.

CADJPY – 4 Hour Charts

Trade Setup : BUY market execution, current price 86.55, stop loss 86.00 and take profit 87.55

Stop loss: 55 pips

Take profit: 100 pips

Trade Setup
BUY Market Execution

Entry
86.55

Take Profit
87.55

Stop Loss
86.00