The Canadian Dollar is trading in several ascending channels against the Japanese Yen. The most important of the pattern is the junior ascending channel which was formed on August 12 and has guided the currency pair to a three-week high a the 86.28 marks.
During the past few days, the price action has surpassed the 50-, 100-, and 200-hour SMAs and has reached the upper boundary of the junior ascending channel.
Given that the three moving averages have fallen below the price, this might suggest that the overall trend of the market is changing. Therefore, the currency exchange rate is likely to continue its movement in the ascending channel during the following trading
