CADJPY Upside Potential

١٣ يونيو ٢٠٢٣

Hey Traders! 👋

For Day 28/100 of our challenge, we will look at CADJPY for upside potential this week/month

Technicals:
- Stuck in bullish range 104.8-103.6
- Mostly a fundamental-driven trade
- Engage in longs only when support above 104.8 is formed

Fundamentals:
- BoC surprise hike; regains status as hawkish CB
- BoJ meeting this week not expecting any shift from loose policy stance
- Rebound in commodity prices should help the CAD

Sentiment
- CAD also being net short for leveraged funds but JPY is a stronger short
- Retail positioning extreme short territory (we want to go against them)

That's it for today! A more in-depth view with technicals, fundamental, and sentiment.

This is 1/6 of our watchlist. What's in your watchlist?

Anyways, safe trading and see you tomorrow! 🥂