CAD/JPY Is Testing the Support at 78.80

The CAD/JPY pair could not quite reach the resistance at 80.45, coinciding with (MA)89 on the daily time-frame before it formed a spinning top candlestick on the same time-frame and moved to the downside after another futile attempt to reach the aforementioned resistance level. Despite the sharp move to the downside the pair stalled at the support at 78.80, coinciding with (MA)89 on the four-hour time-frame and is currently retracing from it. Later today we can expect major fundamentals concerning all CAD-related pairs, namely The Bank of Canada announcing its interest rate and these news will likely cause enough volatility for CAD/JPY to either break below 78.80 and continue dropping towards 78.00, or to decisively bounce off the support level and start moving to the upside to test the previous high at 80.30 again.