CAD/JPY is the best percentage gainer in the FX market today as the 4.5% rally in oil boosts Canadian fortunes.

The 90-pip rally today has pushed the pair above the 55-day moving average and the 50% retracement of the May decline.

I’m pessimistic about the Canadian dollar but this chart and the bullish close in the S&P 500 point to the potential for a further rebound. The next significant layer of resistance for CAD/JPY comes in around 80.00 where the 100-day moving average and the 61.8% retracement converge.