Bullish CAD/JPY set to continue this trend

CAD/JPY has been hovering at the 88 level for a few weeks, and with Oil price increasing due to Saudi's pledge (the strongest that it has ever came up with). It has since breached the resistance level of est 88.90 and continuing this trend, the highest it has ever reached for 18 months. Next major resistance level is at 93.25

Even though various oscillators are showing signs of overbought, but with a strong Canada economy and possible 2nd interest rate hike in the foreseeable future along with increasing oil 1.17% price, this trend is most likely to continue. CAD is highly correlated to USD but the recent negative news has showed signs of stabilizing, with the market already numbed by it.

All in all, with USD and Oil price hinging on CAD valuation, it might be a little bit risky, but should you set your entry level and stop loss right, this trade could prove massively profitable! (However for potential investors, do note that there is a FED interest rate meeting coming up today, any trades regarding CAD and USD please proceed only after the meeting when the market has stabilized)