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5 Feb 2015
CAD/JPY trades above 5-DMA
FXStreet (Mumbai) - CAD/JPY remained elevated during the European session, as the resource-linked Canadian dollar received support from recovering oil prices.
Retreats from 93.86 levels
Currently, the CAD/JPY pair traded at 93.64 levels, up 0.40% on the day, retreating from previously posted day’s high at 93.86 levels. The cross in CAD/JPY heads higher largely on the strengthening Canadian dollar versus its US counterpart. Stabilizing oil prices have also added to the gains in the CAD/JPY cross.
Additionally, the Japanese yen trades in a choppy range versus the greenback ahead of US open also supported the upside in the cross.
At the moment, USD/CAD trades -0.33% lower at 1.2533 levels, while USD/JPY trades flat at 117.33 levels.
CAD/JPY Levels to consider
To the upside, the next resistance is located at 93.86 and above which it could extend gains to at 94 levels. To the downside immediate support might be located at 93.11 levels below that at 92.50 levels.
Retreats from 93.86 levels
Currently, the CAD/JPY pair traded at 93.64 levels, up 0.40% on the day, retreating from previously posted day’s high at 93.86 levels. The cross in CAD/JPY heads higher largely on the strengthening Canadian dollar versus its US counterpart. Stabilizing oil prices have also added to the gains in the CAD/JPY cross.
Additionally, the Japanese yen trades in a choppy range versus the greenback ahead of US open also supported the upside in the cross.
At the moment, USD/CAD trades -0.33% lower at 1.2533 levels, while USD/JPY trades flat at 117.33 levels.
CAD/JPY Levels to consider
To the upside, the next resistance is located at 93.86 and above which it could extend gains to at 94 levels. To the downside immediate support might be located at 93.11 levels below that at 92.50 levels.