FXWW News/JPY crosses

CAD/JPY still the FX market’s favourite ‘oil price’ play

Oil prices have been falling very heavily in recent weeks and the FX market’s favourite proxy trade for crude is CAD/JPY; one economy heavily reliant on oil exports and the other heavily reliant on oil imports.

This pair is over 4% lower in the last 2 weeks and we are fast approaching important technical support levels around 94.00. If they crack, we could be headed back towards 90.00.

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