Hello guys,
I am looking for shorts on CADJPY which is going with the trend and what smart money is doing. I expect weakness on CAD based of the bearish trend on oil after Russia basically downplayed the chatter of cutting oil supply. Also note that CAD did cut interest rates by 50 points amid corona virus fears this week .My bias is only shorts on CAD going into this week.This bias is also shaped by the fact that cad is paired with a safe haven (Jpy) we know that investors usually stack there money in safe havens especially during time like this when corona virus is taking its toll and and prime minister Justin Trudeau is facing pressure for the oil pipeline construction that was recently approved despite aboriginals protesting against it.
I am looking for shorts on CADJPY which is going with the trend and what smart money is doing. I expect weakness on CAD based of the bearish trend on oil after Russia basically downplayed the chatter of cutting oil supply. Also note that CAD did cut interest rates by 50 points amid corona virus fears this week .My bias is only shorts on CAD going into this week.This bias is also shaped by the fact that cad is paired with a safe haven (Jpy) we know that investors usually stack there money in safe havens especially during time like this when corona virus is taking its toll and and prime minister Justin Trudeau is facing pressure for the oil pipeline construction that was recently approved despite aboriginals protesting against it.