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Ali Farhad

CAD

Question

im looking at a potential CADJPY buy. Are others in on this trade? If so do you think a 78.40 target is a good idea? where do you think is a good place to take profits

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Hi Ali

I think it all depends on OPEC in this situation due to the current oil issues and the Canadian dollars correlation with oil prices. However, we have seen some risk on this week in markets but I wouldn't want to hold a long CAD position without having a view on how the oil situation may end up.

if you haven't got that then I would suggest looking into it and deciding on a bias before entering long. 

I am neutral on the pair at the moment due to the current situation, but I do have a bias towards more risk weighted currencies this week, so I hope that helps.

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