TD Securities is recommending short CAD/JPY ahead of the Bank of Japan monetary policy meeting this week
(the BOJ statement is due Friday after the two-day meeting begins on Thursday)
TD cites:
- BOJ unlikely to make changes to policy rates, asset purchases
- CAD economic data is solid but much of this good news is "in the price" already
TD says to sell CAD/JPY at 81.59 - "risk/reward is now skewed in favour of downside potential"
- target 78.86
- stop-loss 83.30
