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Alert - 15:05 (CET) - CadJpy
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The CadJpy is trading at 77.60, ranging from 76.23 to 78.16. The current price is over yesterday's close at 76.77. Checking the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are under the 200-day EMA.
As the supports at 80.00 (key) and 78.18 (October 31st low) were broken, the traders are watching the next at 74.77 (October 29th low). The resistance are being watched at 84.32 (October 6th high), 87.50 (October 5th high) and 91.04 (October 14th high).
Given the decline in stocks in the last 24 hours due to the worries about a global economic downturn, the markets are speculating with more cuts in the interest rates by the central banks. This way, the carry trade is eased momentarily, justifying the current advance of the loonie against the Japanese refuge.
Meanwhile, the 60-minute Relative Strenght Index (RSI) is at 46 points, rebounding from the oversold area. The average volatility per hour is 130 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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