The CAD/JPY pair stayed around 104 yen in the Tokyo market. During European trading, short-covering pushed it up to 104.96, but after that, the yen strengthened again, bringing it back to 104 yen.
Later in the New York market, President Trump announced that a 25% tariff on Canada would start tomorrow. At the same time, he made comments against a weak yen. This caused the CAD/JPY to drop sharply to 102.55 yen, falling below the key level of 102.81 yen from last September. This could lead to more selling of the Canadian dollar.
There is little chance that Trump will cancel the tariff at the last moment. Canada may take action in response, and there might be some temporary buying, but the downward pressure on CAD/JPY is expected to continue.
CAD/JPY Price Range Prediction: 103.80 – 102.00
Note: This information does not guarantee profits. Make your own decisions when trading.