CADJPY Technical Analysis 8 October, 2021

• CADJPY broke resistance area
• Likely to rise resistance level 90.00

CADJPY currency pair continues to rise after the price broke through the resistance area lying between the key resistance level 88.50 (previous monthly high from the start of August, as can be seen from the daily CADJPY chart below) and the 61.8% Fibonacci correction of the downward impulse from June. The breakout this resistance area accelerated the active short-term impulse wave 3.

Given the strengthening CAD bullishness seen today (due to oil gains), CADJPY currency pair can be expected to rise further toward the next round resistance level 90.00 (target for the completion of the active short-term impulse wave 3).

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