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CAD/JPY 4H Chart: Trading Short

The Canadian Dollar has extended its decline against other major currencies during the previous trading sessions. However, the decline can be observed notably in the CAD/JPY chart.

The Loonie is trading in a narrow channel against the Yen. The pair has re-tested the upper boundary of the junior channel.

As for the near future, the currency exchange rate could be a false breakout upwards to test the weekly and the monthly resistance near 86.91. Meanwhile, the overall market sentiment remains bearish.

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This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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