After reaching the highest mark since early January at 91.58, the Canadian Dollar continued to lose ground against the Japanese Yen.
In the 4H chart, the pair reached the 50.00% Fibonacci retracement level and continued moving south. The retracement can be measured by connecting the high level of 91.58 touched within the first week of January and with the mid – December low level of 87.34, where the 0.00% level is the high and 100% is the December low.
In regards to future trading, the pair is likely to continue trading south until it breaches the weekly PP level at 87.56. A breakout from the rectangle south or north is a likely option.
