CADJPY hits the 161% extension and trend line ahead of the BOC

The BOC decision Wednesday may have a little more impact for the CADJPY considering the major confluence of resistance we hit today. After the move out of the triangle consolidation, the pair has touched the 161% extension and hit a key downtrend line from Nov 2018 till now. We could turn lower from here, but a break of that confluence and the 200dma just above could be a very bullish event for the pair after Wednesday.

CADJPY at Resistance

Blake Morrow