CAD/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although the Canadian Dollar has been tilted downwards against the Japanese Yen after hitting a seven-month high of 96.23 early July, a formation of the channel down pattern started only several days later, on Jul 9.
At the moment, the currency pair continues to vacillate near the 50-hour SMA at 94.32. Meanwhile, future prospects of the pair are obscure given that traders' sentiment on the SWFX is neutral. However, technical indicators shed some light, pointing to a possible decline in the short-to-long terms.
© Dukascopy Bank SA
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