The Canadian dollar rose to 105.06 yen after the U.S. jobs report last week, but then started to fall in the Tokyo market at the beginning of this week. A type of candlestick on the daily chart suggests that this might be the recent top.
In Canada’s recent general election, the ruling Liberal Party, led by Carney, won. This party is expected to take a strong stance against President Trump. Because of this, people think the Canadian dollar might struggle to go higher against the yen.
Expected Range for CAD/JPY: 103.30 yen –104.40 yen
Note: This information is not a guarantee of profit. Please make your own trading decisions.