A bearish movement is dominating the CAD/JPY pair since early January. The rate reached the upper boundary of a dominant channel on January 5, and since then, it has been trading south.
Given that the rate broke the previous channel, a new junior pattern has been drawn to monitor the price movement.
As for near future, the Loonie is likely to continue trading in the channel down. The currency pair could still push further north to test the weekly R1 at 85.33 and could make a U-turn south. In addition, technical indicators flash sell signals.
