Blake Morrow’s Chart of The Day – June 9th 2021
The CADJPY is sitting on channel support, and if you are a Forex Analytix subscriber, you were well aware of the 161% extension above the 91.00 level with the divergent RSI which ended up stalling the rise. The issue tomorrow is that the pair is facing an interest rate decision from the BOC, and even though they are expected to taper further in the coming meetings (market already knows!) the one thing the BOC could do is try to talk down their very strong currency. If no mention is made of their strong currency tomorrow we could see that 91.36 level next. However, a break of channel support could put the 88.50 level back in view.