The CAD/JPY exchange rate has been tended north since December 6 when the pair reversed from a support level formed by the weekly S1 at 83.41.
The currency pair tested the 61.80% Fibonacci retracement level at 85.20 during the end of yesterday's trading session. This retracement can be measured by connecting the December swing high of 86.21 and the most recent swing low of 83.57.
From a technical point of view, it is expected that the currency exchange rate aim at the 23.60% Fibonacci retracement level at 84.19 during the following trading session.
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