The CAD/JPY currency pair has been trading upwards since the beginning of August when it reversed north from the 77.65 level.
Given that the exchange rate is supported by the 55-, 100– and 200-period moving averages in the 79.25/79.90 area, it is likely that some upside potential could prevail in the market. In this case the rate could target the Fibo 50.00% at 82.95.
In the meantime, note that the currency pair would have to surpass the Fibo 38.20% at 80.94. If the given level holds, it is likely that a reversal south could occur, and the pair could target the psychological level at 74.40.
