Analyzing CAD/JPY's Upward Trajectory Amidst USD/JPY's Bullish

28 May 2023

The CAD/JPY currency pair has been exhibiting sustained growth across various timeframes due to its significant correlation with USD/JPY. Notably, the USD/JPY pair has been experiencing a robust bullish trend, exerting downward pressure on the JPY and creating favorable conditions for the CAD to appreciate. A recent development of note is the price breakout of the Ascending Triangle pattern on the H4 timeframe. In light of this, our analysis suggests the likelihood of a new bullish continuation, aligning with the prevailing uptrend direction.