The Canadian Dollar has been trading in an ascending channel pattern against the Japanese Yen since June 3. The currency pair has gained about 3.43% in value during this period of time.
As for the near future, it is likely that the CAD/JPY exchange rate will continue to gain strength during the following trading sessions. The potential target for the pair will be near the upper border of the channel pattern at 84.12.
Although, the currency exchange rate needs to breaks a resistance level formed by the upper line of a descending trendline at 82.80.
