Listen to the market mood for the CADJPY currency pair in the coming session:
The CAD is weak today as WTI crude fell over 2% overnight to below $53 per barrel due to demand concerns on the further spreading of the coronavirus. The price of oil typically falls in a risk-off environment due to an expected decrease in oil demand.
The JPY is strong today on risk-off tones due to increased coronavirus fears with confirmed cases now at 2,744 and a confirmed death toll of 80.
Expect CADJPY sellers on pullbacks.
Risks to this outlook
Any improvements in the coronavirus containment, or news of a successful vaccine. Alternatively, any news that causes oil to spike would give CAD strength.