Type: Bullish bounce
Key Levels: Resistance: 1.1344, pivot: 1.13197, and support: 1.13029
Preferred Case: CAD/JPY is building bullish momentum and abiding by our ascending trendline. We see the potential for a bounce from our pivot at 1.13197 in line with 50% Fibonacci retracement towards our 1st resistance at 1.1344 in line with 78.6% and 100% Fibonacci retracement. Ichimoku clouds are detecting strong bullish momentum.
Alternative Scenario: Alternatively, prices may dip towards our 1st support at 1.13029 in line with 78.6% Fibonacci retracement.