Chart of the Day – CADJPY – (April 7th, 2021)

The CADJPY posted a false breakout last week above the 88.00 level. At that time, the divergent and overbought RSI suggested that the pair would pullback. As we drop back towards the 61.8% Fibonacci retracement of the last surge higher at 86.89, it happens to coincide with the very strong ascending trend line form the late January lows. A break of this trend line and the Fib level could allow for a re-test of the 86.00 horizontal support from March.

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