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CAD/JPY Rising Channel Break (January 23, 2014)
CAD/JPY might be in for more losses, as the pair just broke below the support of the rising channel on its 4-hour time frame. Stochastic is already in the oversold zone but hasn’t crossed upwards, indicating that sellers have enough momentum to push the pair even lower.
Shorting at market with a stop above the channel support and a target of the previous lows around the 92.00 major psychological level could yield a high return on risk for a quick day trade.
Bear in mind that the BOC just hinted that they are ready to cut interest rates if inflation remains weak and the Loonie remains strong.
By Kate Curtis from Trader's Way
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