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CAD/JPY is a currency pair, one of the "yen crosses", which is comprised of the Canadian dollar and the Japanese yen and is seen as a strong substitute for the USD/JPY pair when a trader is too cautious to trade the US Dollar.

At the same time, CAD/JPY is historically more sensitive to changes in market-wide sentiment than USD/JPY due to the historically higher yield attached to the Canadian Dollar. Moreover, the 'Loonie' is affected by oil prices because of Canada's energy exports.