CAD/JPY - The cross between the Canadian Dollar and the Japanese Yen is seen as a strong substitute for the USD/JPY pair when a trader is wary of trading the US Dollar. However, CAD/JPY is historically more sensitive to changes in market-wide sentiment than USD/JPY due to the historically higher yield attached to the Canadian Dollar. Further, the 'Loonie' – as the Canadian Dollar is known – is affected by oil prices because of Canada's energy exports.
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Weekly Canadian Dollar and Japanese Yen Trading Forecast
|Canadian Dollar Faces Conflicting Cues from BOC, Key US Data||neutral|
|USD/JPY to Eye Fresh Highs on Less-Dovish FOMC, More BOJ Easing||bullish|