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Seeking Diversification With The CAD/JPY
Welcome to Mid-Week Trade! Traders are facing an active news cycle headlined by Russia/Ukraine escalations. Safe havens are catching bids, and negative sentiment is creeping into the markets. The CBOE Volatility Index (VIX) is up by more than 12.5% at this hour. The USD Index has rallied by about ½% as traders continue to pile into the greenback. Several cross pairs are on the move, offering premium trading opportunities. Accordingly, there’s a key level in the CAD/JPY coming into play:
Resistance: Monthly 62% Fibonacci Retracement, 112.29
During times of conflict, it can be a good idea to diversify away from USD-denominated assets. That’s why this CAD/JPY play is attractive for the week. Check out our Key Levels for more information on this Trade Idea.
By far, the number one market driver in the world is the Russia/Ukraine War. Ukraine’s use of NATO-supplied long-range missiles has brought a nuclear policy change from Russia. As of this writing, UK and US embassies in Kyiv have been evacuated. If you’re in the markets, be sure to keep a close eye on the news cycle; the Russia/Ukraine situation is fluid and developments are breaking on an hourly basis.
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