CADJPY Chart Technical Outlook

CADJPY Chart Technical Outlook trades north in a bullish channel, bulls target 111.70

CAD/JPY’s broad bias is bullish. Prices trade upward, with no indication of a top yet. There is room for more gains to print a bullish Elliott Wave count. A dip could be a corrective wave four, with a preference to be bought.

The recent strong Employment data and business activity from Canada support CAD, while the dovish comments from BoJ officials weighed on JPY.

Resistances: 111.70, 112.50
Supports: 110.60, 109.80

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