Main » 2019 » November » 28 » How to make money trader in the currency market today? 11.29.2019 Trade Idea: Selling CADJPY - perfect deal until the end of the year!
How to make money trader in the currency market today? 11.29.2019 Trade Idea: Selling CADJPY - perfect deal until the end of the year!
Current Week conveniently folds for CADJPY buyers. The currency pair for the last three sessions recovered 70 points and tested the resistance of 82.50. Despite the mood upward momentum traders may change significantly before the end of the week. After the low liquidity of the trading session on Thursday because of the weekend in the US (Thanksgiving Day) tomorrow traders attention will be presented to Canada's GDP data that can shed light on the Canadian regulator plans for the future course of monetary policy.
According to expert's expectations, the growth of the Canadian economy in the third quarter slowed to 1.2% after rising by 3.7% in the second quarter. Recall, Bank of Canada, the meeting which will be held next week, has previously expressed concerns about the impact of trade conflicts in the commodity-dependent national economy. There is a high probability that the weak figures for economic growth will be the signal to reduce the key interest rate in Canada. This position is shared and JP Morgan, predicting a significant weakening of the "Canadian" in the first quarter of 2020.
In favor of reducing the CADJPY pair also indicates a potential increase in the demand for protective assets, which necessarily arises in the case if the US and China in the coming days will not conclude a limited agreement that would prevent the increase in the US on December 15 of the Chinese import duties. It should be noted that the probability of de-escalation of trade tensions between the two countries has also declined after Trump signed a bill passed by Congress in support of democracy in Hong Kong, which provoked a protest note from Beijing.
CADJPY SellLimit 82,50 TP 80,90 SL 83,10
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