Since August 20, the Canadian Dollar has edged higher by 3.32% against the Japanese Yen. The currency pair breached the 87.50 resistance level during this week’s trading sessions.
Buyers are likely to continue to push the price higher during the following trading sessions. The potential target for the exchange rate would be near the weekly resistance level at 88.91.
However, the upper boundary of a descending channel pattern near the 88.00 area could provide resistance for the CAD/JPY currency exchange rate this week.
