Key level from a technical point of view
The CAD is strengthening against the USD (see article here). It also rose higher than the JPY.
The CADJPY rose above its 100-day moving average yesterday (currently at 78.953) and ran even higher today to test its 200-day moving average at 80.515 (green line in the chart above).
The 61.8% retracement of the 2020 trading range is also tested. This level is at 80,537.
It goes without saying that the two technical levels represent an important barometer for buyers and sellers. Buyers would like to pause (and stay above) with continued bullish momentum.
Rally sellers will view this area as a low risk trading opportunity (with a stop above).