The Canadian Dollar has depreciated substantially against the Japanese Yen since February. This bearish momentum has been steered by an eight-week descending channel. During the past week, however, this bearish movement has not been so distinctive, as the rate made corrective moves north.
The currency pair has tested the upper boundary of a junior channel. This movement was supported by 55– hour SMA at 81.66 and the 100– hour simple moving average at 81.93.
The overall market sentiment is bearish and it is likely to continue for the following trading sessions until it finds support at the weekly pivot point near the 80.40 regions.
