Convert CAD to JPY
On average, the CAD/JPY experiences a movement of around 70 pips.
Canada is a key exporter of crude oil and its economy is closely linked to exports of this key commodity. As a result, whenever crude oil prices rise, the Canadian economy and currency strengthen. The positive correlation between crude oil and CAD means that whenever crude oil strengthens, the CAD also makes gains and turns CAD/JPY bullish, and vice versa.
In addition to the market sentiment, CAD/JPY also experiences significant volatility upon the release of key economic data from Canada and Japan, including GDP, employment, inflation, consumer confidence, business sentiment, PMI readings for the manufacturing and services sectors, as well as trade balance.