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CAD/JPY 4H Chart: Could Edge Lower

The Canadian Dollar has been edging higher in an ascending channel against the Japanese Yen since the beginning of December. The currency pair has surged by 2.81% in value during this period.

All things being equal, the exchange rate might make a brief downside movement during next week’s trading sessions. The potential target will be at the lower boundary of the ascending channel pattern at 82.34.

However, a support cluster formed by the 200– period simple moving average and the monthly S2 at 92.66 could provide support for the currency exchange rate during the following trading sessions.

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