Upside risks have continued to pressure the CAD/JPY currency pair higher since the beginning of this month. The Canadian Dollar has surged by 2.42% against the Japanese Yen since May 1.
All things being equal, the exchange rate could continue to trend bullish during the following trading sessions. The potential target for bullish traders would be near the weekly R2 at 91.45.
However, the upper boundary of an ascending channel pattern at the 91.00 level could provide resistance for the currency exchange rate this week.
