The Canadian Dollar has been trading in a junior descending channel pattern against the Japanese Yen since October 29. The currency pair depreciated about 1.13% in value during last week’s trading sessions.

The exchange rate breached the lower boundary of a dominant ascending channel pattern at 81.72 during the morning hours of Wednesday’s trading sessions.

By and large, the CAD/JPY pair will most likely continue to edge lower during the following trading session. Potential target will be at the 81.00 mark.

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On the other hand, the currency exchange rate might reverse from the current price level at 81.72 are and make a slight upside movement in the shorter term.

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