The Canadian dollar has struggled, but there's a bit of good news
it feels as though I've been writing this a lot lately: The Canadian dollar was the worst performer this week.
Meanwhile, the yen was on top as the best performing major, narrowly outpacing the pound.
It's worth taking another look at the chart today. I wrote about CAD/JPY on the last day of February after the cross fell 6% in the month. I highlighted that even with the decline, there was no support until 80.57. The pair hit 80.68 today in an 8-month low.
What's next?
Well it's probably time to lighten up or at least it's time to keep a close eye.
Watch the summer low in the short term. A break would be ugly for CAD/JPY but after a brutal few weeks, it's a bit oversold and it's going to need a catalyst like NAFTA trouble or a serious bout of risk aversion to compete the fall to 75/78 in the month ahead.