Chart Of The Day: CAD/JPY

 | Apr 07, 2021 19:02

CAD/JPY posted a false breakout last week above the 88.00 level. At that time, the divergent and overbought RSI suggested the pair would pullback. As we drop back towards the 61.8% Fibonacci retracement of the last surge higher at 86.89, it happens to coincide with the very strong ascending trendline from the late January lows. A break of this trendline and the Fib level could allow for a re-test of the 86.00 horizontal support from March.