The Canadian Dollar has been trading in a large-scale triangle pattern against the Japanese Yen. The currency pair has been moving between the upper and the lower borders of the triangle pattern since June 25.
After hitting the upper boundary of the triangle pattern as mentioned above on August 1, the exchange rate reversed south, and as a result, the rate lost 264 base points or 3.06% of its values.
Given that the 55-, 100-, 200-hour simple moving averages have moved above the price, the CAD/JPY currency exchange rate is likely to continue driving down during the following trading sessions.
