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CAD/JPY falls as Crude prices decline

FXStreet (Mumbai) - The CAD/JPY pair snapped a two-day rally, as the pair retreated today, tracking losses in the Crude prices.

CAD weakens as Crude resumes decline

Crude prices in the US fell more than 4.5% to USD 50.53/barrel as supply concerns resurfaced. The slide in Crude prices pushed the USD/CAD pair higher 0.57% to 1.2487 levels. Moreover, the pair recovered from the low of 1.2391 after Crude oil resumed the fall in the Asian session today.

Meanwhile, the USD/JPY pair trades 0.13% lower at 117.44 levels. The Japanese yen has been resilient despite the rise in the Treasury yields. Consequently, the CAD/JPY pair fell 0.67% to trade at 94.07 levels.

CAD/JPY Technical Levels

The immediate support is seen at 93.83 (10-DMA) levels, under which losses could be extended to 93.33 (5-DMA) levels. Meanwhile, resistance is seen at 94.20 and 95.00 levels.

US CPI moving closer to negative readings, PCE to follow suit – BNPP

Alexandra Estiot of BNP Paribas notes that US inflation is decelerating, and the massive drop in oil prices makes a negative-reading in the year-on-year development of the CPO almost unavoidable.
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GBP/JPY got a rejection at 179.25; back to 178.60

The Sterling found selling interest at 179.25 against the Japanese Yen and currently the GBP/JPY is trading back below 179.00 to price as low as 178.60.
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