CADJPY Can Be Finishing Corrective Rally
May 2, 2023

CADJPY

CADJPY pair is trading nicely as expected for the last couple of weeks. It turned aggressively down with five wave cycle from 110 area. A decline that suggests more weakness but after a corrective rally. We know that corrections are made by three waves A-B-C that is now in full progress with already wave C in the making. Ideal resistance comes around 50% – 61,8% Fibonacci retracement, so keep an eye on 102 – 104 resistance zone, where bears may show up again.

CADJPY Can Be Finishing Corrective Rally Daily Chart
CADJPY Daily Chart

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