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.
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.