As we can see on the chart, the rates remain near their highs. The Canadian dollar generally holds the initiative against the backdrop of rising oil prices, but the Japanese yen is not giving up. This week the Japanese currency was supported by good macroeconomic reports showing signs of growth in the Japanese economy. At the same time, a decent level of inflation is observed, which suggests a likely change in the rate in Japan.
In the near future, the focus is on the publication of reports on industrial production in China, inflation in Canada and the trade surplus in Japan.
As you can see on the chart, at the moment the quotes are in the stage of a price correction while maintaining an upward trend. Most technical analysis tools indicate the effectiveness of Sell transactions, expecting a continuation of the downward movement. However, we consider such trades dangerous because we do not see enough incentive for the yen. The Canadian dollar can count on the support of the Bank of Canada, on the rise in oil prices, which are confidently approaching the $80 mark, so we are inclined to purchases, in anticipation of testing previously reached highs
