CAD/JPY slide extends

Declines in yen crosses are the big story today in the forex market. It's part of a trend for CAD/JPY as the pair bleeds away the Aug-Sept rally.

Technically, there isn't anything to like as last week's low gives way in the short term. Taking a longer view, the 200-day moving average converges with the uptrend since US election night near 86.18.

One of the reasons behind the yen rally is talk that the BOJ is slowly preparing the market to taper bond purchases.

Meanwhile, the market is off-balance when it comes to the Bank of Canada and what is coming next. There is still a 12% chance of a hike priced in for December and that rises to nearly 30% in January and 50% in March.