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.
The high yield, risk-correlated JPY-crosses continued to gain ground alongside equity markets rallying, while the pairs like EUR/JPY and USD/JPY lagged the pack. For these latter two pairs, more downside is not out of the question.
by Ilya Spivak