Forex Market: CAD/JPY daily forecast

During yesterday’s trading session CAD/JPY traded within the range of 92.96-93.26 and closed at 93.18.

At 09:01 GMT today CAD/JPY was losing 0.17% for the day to trade at 93.04. The pair touched a daily low at 92.96 at 7:05 GMT, breaching the first support level of 93.01.

Fundamental view

Wholesale sales in Canada probably increased by 0.8% in February, following a 0.8% gain in the previous month, according to the median analyst’ estimate.

The study measures monthly sales of Canadian wholesalers from each province or region. It provides information about the situation in the wholesale sector and is an important indicator of the state of the Canadian economy. The total value of sales is calculated by deflating the current value in dollars, using the indices for imports and industrial prices. Since many of the products to wholesalers in the country are subject to import fluctuations of the Canadian dollar, this can have a significant impact on the prices of goods bought and sold by them. This is the percentage change from the previous month.

Statistics Canada is scheduled to publish the official report at 12:30 GMT today. A higher than expected gain would certainly heighten the appeal of the loonie.

Technical view

According to Binary Tribune’s daily analysis, in case CAD/JPY manages to breach the first resistance level at 93.31, it will probably continue up to test 93.43. In case the second key resistance is broken, the pair will probably attempt to advance to 93.61.

If CAD/JPY manages to breach the first key support at 93.01, it will probably continue to slide and test 92.83. With this second key support broken, the movement to the downside will probably continue to 92.71.