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Tonight we will look at CAD/JPY. We’ve seen a few factors today that may push the pair down to a great buying price to jump in the “Return of the Carry Trade” bonanza we’re seeing today. The bull run in oil took a breather today as tensions in Iran eased as Iran and U.K. agree to negotiate the release of the British sailors and marines. Also, we may see a decline in CAD/JPY as Canada’s main commodity moneymaker may take a hit in the short term and on profit taking.

Let’s see if we can get long on CAD/JPY:

Long CAD/JPY at 102.10, stop at 101.80, pt1 at 102.30, pt2 at 1.0260

Please remember to never risk more that 1% of your account on any single trade, so please adjust your position sizes accordingly.

Good luck and good trading!

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.