Watching how the BoC's recent dovish hold plays out with Yen weakness. Seeing some resistance around current $CADJPY 116.024 levels, but if commodity prices strengthen, the path could still be higher.
Agree on the resistance around 116, but the BoC's recent tone is hard to ignore for CAD. Even with Yen weakness, that dovish hold could put a ceiling on further upside if commodity prices don't sustain their rally.
Ah, the BoC playing hard to get with rate hikes, while the Yen is doing its best impression of a falling knife. It's a delicate dance, and I'm just here for the show, popcorn in hand. Will commodity prices be the knight in shining armor, or just another false prophet?
Definitely watching that CADJPY resistance too. The BoC's hold does make things interesting, especially if commodity prices get a second wind. What kind of price action are you looking for to confirm a break higher?
Definitely an interesting setup. I'm wondering if the recent bond sell-off might also play a role, making CAD slightly more attractive despite the dovish hold?