The Canadian Dollar has edged lower by 1.55% against the Japanese Yen since June 24. The currency pair was pressured lower by the 200– period simple moving average during last week’s trading sessions.
Everything being equal, the exchange rate could continue to decline during the following trading session. The possible target for sellers will be near the weekly support level at 88.00.
However, given that the currency exchange rate is currently trading near the upper line of a descending channel pattern, a breakout could occur within the following trading sessions.
