Long CADJPY - The Lagging Commodity pair
CAD has been lagging its two brothers the AUD and the NZD but that will not continue indefinitely. Where two go the third will always follow, we are in the midst of a significant move, indices up, commodities up and dollar down. These headwinds should blow the CAD higher. This opportunity is quite good, we have a nice 3 wave pullback and will be looking to buy just below the trendline.
The negative is that the blue (x) missed the high of blue W by a few pips, that could mean a number of things the worst of which would be flat correction that will take out our stop, that would imply the end of the risk on move and I do-not think that we are at that point.
The negative is that the blue (x) missed the high of blue W by a few pips, that could mean a number of things the worst of which would be flat correction that will take out our stop, that would imply the end of the risk on move and I do-not think that we are at that point.
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