The major CAD-crosses are still offering mixed signals, with both CAD/JPY and USD/CAD rates trading higher in recent days. If USD/CAD rates continue to press higher, it may prove difficult for CAD/JPY rates to achieve a bullish breakout.
The Canadian Dollar has been rangebound currency in recent weeks; there’s no clear direction when looking at the Loonie in aggregate across the majors. A microcosm of this environment lacking conviction has been the continued divergence in the two major CAD-crosses, which have been offering mixed signals throughout August.
pair above its daily 5-, 8-, 13-, and 21-EMA envelope, which is in bullish sequential order. Daily MACD continues to trend higher above its signal line, and daily Slow Stochastics are holding in overbought territory.
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