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Alert - 15:45 (CET) - CadJpy
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The CadJpy is trading at 79.15, ranging from 79.07 to 81.83. The current price is under yesterday's close at 82.08. Checking the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are under the 200-day EMA.
The traders are watching the supports at 80.00 (key), 78.18 (October 31st low) and 70.97 (2008 low). The resistance are being watched at 84.32 (October 6th high), 87.50 (October 5th high) and 91.04 (October 14th high).
As we all know, the Japanese pairs tend to move on what happens in the stocks. Given the the worries that the economic slowdown will penalize even more the corporations, the markets are waiting to see if the giant automaker General Motors is resuced by the US government.
If there is no help, the consequences for the American economy could be harsh, triggering, among other things, a decline in crude demand, which price is under the 60 dollar mark. Remember that Canada is a crude exporter, so its currency depends on the oil price swings.
Meanwhile, the 60-minute Relative Strenght Index (RSI) is at 30 points, oversold. The average volatility per hour is 110 pips. Checking the graphics again, we see that the current price is under the 61.80% (90.79) and over the 100.00% (62.24) Fibonacci retracement lines.
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