The Canadian Dollar has been edging higher in an ascending channel against the Japanese Yen since the beginning of December. The currency pair has surged by 2.81% in value during this period.
All things being equal, the exchange rate might make a brief downside movement during next week’s trading sessions. The potential target will be at the lower boundary of the ascending channel pattern at 82.34.
However, a support cluster formed by the 200– period simple moving average and the monthly S2 at 92.66 could provide support for the currency exchange rate during the following trading sessions.
Written by Admin
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