During yesterday’s trading session CAD/JPY traded within the range of 93.03-93.47 and closed at 93.40.
At 09:21 GMT today CAD/JPY was losing 0.05% for the day to trade at 93.31. The pair touched a daily low at 93.20 at 6:00 GMT.
Fundamental view
The number of building permits in the country probably rose 4.3% in March compared to a month ago, according to the median estimate by experts. In February permits issued by the government declined 11.6%. Building permits, as an indicator, provide information regarding demand in Canada’s housing market. A higher than anticipated number would be supportive for the Canadian dollar. Statistics Canada is to release its monthly report at 12:30 GMT.
Technical view
According to Binary Tribune’s daily analysis, in case CAD/JPY manages to breach the first resistance level at 93.57, it will probably continue up to test 93.74. In case the second key resistance is broken, the pair will probably attempt to advance to 94.01.
If CAD/JPY manages to breach the first key support at 93.13, it will probably continue to slide and test 92.86. With this second key support broken, the movement to the downside will probably continue to 92.69.
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