CADJPY Daily Outlook 09-09-19 – On Tuesday Oil prices fell sharply on demand fears as the U.S. summer driving season ends. The EU former chief said a no-deal Brexit is the most likely outcome of trade talks Japan’s Q2 GDP revised down to an annualized 28.1% contraction and A measure of Australian business conditions fell sharply in August.
Welcome to the Tickmill update, I’m Kiana Danial the founder of the Invest Diva movement. Make sure to subscribe to the Tickmill YouTube channel and support us by liking and sharing this video with your forex trading friends.
On Wednesday, all eyes will be on Bank of Canada’s interest rate decision. Today I’m looking at the CAD/JPY pair which appears to have topped out at 81.72 and in the process of forming a double top bearish reversal chart pattern. The pair remains above the daily Ichimoku cloud with the future cloud appear bullish, so we’re still in a wait-and-see mode. We wouldn’t be fully bearish unless the pair confirms a break below the 79 pivot level.
Do you think this is a temporary pullback for the CAD/JPY? Head over to the comments section and let me know.
Of Course, trading in the financial markets involves a risk of loss and you should only trade the money you can afford to lose. If you liked this video, give it a thumbs up and subscribe to the Tickmill YouTube channel. I’ll get back to you with more updates tomorrow.
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% and 76% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.