The Canadian Dollar has edged lower by 3.30% against the Japanese Yen since July 5. The currency pair breached the lower boundary of a descending channel pattern at 87.15 during last week’s trading sessions.
All things being equal, the exchange rate is likely to continue to decline during the following trading sessions. A breakout through the lower line of the channel pattern could occur.
However, if the descending channel holds, bullish traders might pressure the CAD/JPY currency exchange rate higher during next week’s trading sessions.
