Listen to the latest market mood for the CADJPY pair.
The Canadian dollar is weak as oil prices head lower as Saudi prepares to ramp up oil production levels to their maximum levels in April. Furthermore, the falling demand for oil, and high supply from US Shale producers, is adding further pressure to oil which will drag down the CAD with it.
The JPY is strong on safe haven flows due to coronavirus fears.
Therefore, expect CADJPY sellers medium term at market and at pullbacks.
Risks to this outlook
Any positive medical news that indicates the coronavirus can be treated or cured or any good news for oil will invalidate this outlook.