Canadian Imperial Bank of Commerce: bullish Canadian dollar against the Japanese yen, target level 111.33

On August 20th, Jin10 Data reported that the speculative bets on shorting the Canadian dollar are now at an extreme level, and the CAD/JPY will benefit from these positions being closed. Analysts Sarah Ying, Maximillian Lin, and Noah Buffam of the Canadian Imperial Bank of Commerce stated that “much of the pessimism has been priced in for the Canadian dollar, and the more patient Bank of Japan and the intervention risks from the Japanese Ministry of Finance to limit dumping of CAD/JPY.” They have started a long position with a target of 111.33 and a stop loss of 103.90. They said, “We believe there is room for going long on CAD/JPY from a technical perspective in the coming months.”