CAD/JPY: Bank Of Canada Causes A Breakout

Commodity currencies are higher as metals hold a support while we see copper keep climbing higher. CAD is also one the move, now making extension even higher after BoC said last week that it may look for higher rates already next year, rather than in 2023.

So overall CAD may stay strong until other central banks makes similar predictions regarding rates policy. As such we see CAD/JPY higher, breaking out of a downward channel so more upside can be seen especially if USD/JPY is going to hold current gains after recent BOJ Haruhiko Kuroda comments about inflation target and monetary easing program.

Technically speaking CAD/JPY could be in wave 3 looking towards 88.00 area, also the HS target.

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