The cross between the Canadian Dollar and the Japanese Yen is seen as a strong substitute for the USD/JPY pair when a trader is wary of trading the US Dollar. However, CAD/JPY is historically more sensitive to changes in market-wide sentiment than USD/JPY due to the historically higher yield attached to the Canadian Dollar. Further, the 'Loonie' - as the Canadian Dollar is known - is affected by oil prices because of Canada's energy exports.
CAD/JPY rates have continued their multi-week sideways grind, holding within the parameters of a symmetrical triangle that has been forming since September 2021. To this end, nothing has changed, “as the preceding move was higher, the ultimate resolution of the symmetrical triangle is eyed for a bullish breakout – consistent with the bigger picture rally above the descending trendline from the October 2007 (all-time high) and December 2014 highs.” Furthermore, “CAD/JPY rates are still in the early stages of finding their footing for another attempt to climb through 92.00, ultimately “on course to return to their 2021 high at 93.02 in the coming weeks.”
CAD/JPY rates have continued their multi-week sideways grind, holding within the parameters of a symmetrical triangle that has been forming since September 2021. To this end, nothing has changed, “as the preceding move was higher, the ultimate resolution of the symmetrical triangle is eyed for a bullish breakout – consistent with the bigger picture rally above the descending trendline from the October 2007 (all-time high) and December 2014 highs.” Furthermore, “CAD/JPY rates are still in the early stages of finding their footing for another attempt to climb through 92.00, ultimately “on course to return to their 2021 high at 93.02 in the coming weeks.”