A good session for the pair defying a few usual correlations 26 March
Early CADJPY demand saw the pair dip from 1.2865 to 1.2840 but ran into a brick wall of defence down there. It's since been on a steady path higher after seemingly triggering a few stops through 1.2870 to post 1.2915 while USD demand generally prevailing.
Back down to 1.2900 as I type with support now into 1.2880 then 1.2865-70. Offers/res 1.2920 and into 1.2950.
We've not seen any real reversal in yen supply trend on better risk sentiment to explain the move or key losses in oil prices and it's not running per USD prevailing sentiment so a bit of a mystery as to the key driver.
In those cases go with the flow and whatever signals you use to guide you. No need to over-analyse. You'll only get a headache.
USDCAD
