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Jon Steeler

CADJPY

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While this is not a pair I tend to trade I do think we could see more downside given the current market conditions. Normally I would be reluctant to sell a pair that is at such lows. However, I can't see market conditions improving greatly at the moment. 

The price war in OPEC is an interesting one, if it escalates further we should see more downside in CAD. However we could just as easily see it cool off, although Russia have said they could remain sustainable with oil prices at $25. Saudi Arabia too have said they can cope with even lower prices so im leaning towards further escalation and more downside in oil which results in downside in CAD. 

Given it could escalate and the fact that the current market conditions are declining due to the coronavirus s well, I would have a downside bias, but if I were to enter I would have a wide stop set. 

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