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

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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