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Alert - 16:45 (CET) - CadJpy
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The CadJpy is trading at 76.98, ranging from 76.63 to 78.25. The current price is under yesterday's close at 76.69. 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 74.77 (November 24th low), 72.13 (November 20th low) and 70.00 (key). The resistance are being watched at 80.00 (key), 82.39 (November 11th high) and 85.24 (November 10th high).
The crude reserves figures in the US were seven times above expectations. Now, we see the Canadian Dollar profit taking against the Yen. With these kind of macro figures, the investors go back to the Japanese safe haven, as no one knows how much more can the crude barrel price drop.
Meanwhile, the 60-minute Relative Strenght Index (RSI) is at 39 points, rebounding from the overbought area. 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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