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Market Mood CADJPY 29.06.20

Market Mood CADJPY 29.06.20

Market Mood CADJPY 29.06.20

in Daily Forecasts

Listen to the latest market mood for the CADJPY pair.

Weak CAD, Strong JPY

The Japanese Yen should bid on rising concerns over the increase in COVID-19 cases in the US and the fallout from Facebook advertising.

This has weakened Asian stock markets to start the week. The Nikkei is down -2.00%, Hang Seng -1.35%, and Shanghai Comp -0.90%. These risk-off tones should support the JPY during the session.
Oil markets are also down during the session as rising COVID-19 cases have hit oil demand levels. Due to CAD’s close connection with oil, this should keep CAD pressured on the day.

Therefore, expect CADJPY sellers on pullbacks today.

Day – We expect this trade to play out between now and the end of the US session. However, the trade will remain valid for as long as its underlying factors remain valid.

Trade Risks

  • Any positive news for oil will strengthen CAD and invalidate this outlook.
  • If we see a swift fall in COVID-19 cases that will also invalidate this outlook.

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Disclaimer: Any opinions made may be personal to the author and may not reflect the opinions of HYCM. All expressions of opinion are subject to change without notice. This material is considered a marketing communication and does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. HYCM makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by an employee of HYCM, a third party or otherwise. Past performance is not an indication of possible future performance. Without the approval of HYCM, reproduction or redistribution of this information isn’t permitted.

Legal Information: HYCM is the trading name of Henyep Capital Markets (UK) Limited, HYCM (Europe) Ltd, HYCM Limited and Henyep Capital Markets (DIFC) Limited for which the Henyep Capital Markets group is holding company and its assets are a controlling equity interest in them.

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