The general risk-off tone across financial markets has been weighing on the Canadian Dollar in recent days. USD/CAD rates are pushing towards their yearly highs, while CAD/JPY rates are at their lowest level since September 5.
CAD/JPY Rate Technical Analysis: Daily Chart
CAD/JPY rates pushed through resistance around 107.50 at the start of September, establishing a fresh yearly high at 110.52 yesterday before turning lower. The pullback has minimal thus far, with the pair sliding back to levels seen on September 5. Momentum is staring to erode, with CAD/JPY rates below their daily 5- and 8-EMAs but still above their daily 13- and 21-EMAs, while the EMA envelope remains in bullish sequential order.
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