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Currency Volatility: USDCAD, CADJPY Price Action Setups

Currency Volatility: USDCAD, CADJPY Price Action Setups

Justin McQueen, Strategist

Currency Volatility CAD Talking Points

  • CAD continues to gain ground vs USD
  • CADJPY Bearish Momentum Eases, Volatility Muted Ahead of NFP and CAD Jobs

Top 10 most volatile currency pairs and how to trade them

For a more in-depth analysis on FX, check out the Q2 FX Forecast

USDCAD | The Canadian Dollar continues to remain supported against the greenback as USDCAD tests support at 1.3350. Focus for CAD traders will be on today’s employment report in which the headline is expected to show a marginal 8k rise following last months record rise. Alongside this, the NFP data will be release, which is likely to impact the pair, as such, 1-day implied volatility shows USDCAD ATM break-evens = 57pips (this means that options traders need to see at least 57pip of gains either side in order to profit).

USDCAD Technical Analysis

USDCAD Price Chart: Daily Time Frame (Oct 2018June2019)

Currency Volatility: USDCAD, CADJPY Price Action Setups

CADJPY | Despite the NFP report and Canadian Jobs data, CAD volatility is relatively muted across major CAD crosses with the exception of USDCAD. Implied volatility for CADJPY shows CADJPY ATM break-evens = 39pips. The cross has bounced off support (80.50), breaking above the 81.00 handle to hover at intra-day highs as a bid in equity markets and crude oil has eased the bearish momentum in CADJPY, topside resistance is situated at 81.50 and 82.00.

CADJPY Price Chart: Daily Time Frame (Oct 2018June2019)

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--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.