The Canadian Dollar began to depreciate against the Japanese Yen after hitting the upper boundary of a dominant ascending channel pattern at 89.15 on October 3. During this two months of decline, the currency pair plunged by about 5.71%.
During the Asian session on Thursday, the exchange rate broke the dominant ascending channel at 84.75.
Given that a breakout had occurred, it is likely that the CAD/JPY currency exchange rate will continue to fall during the following week. The potential levels to look for will be at August 13 swing low of 83.50 and June 25 swing low of 81.99.
