The CADJPY may be breaking lower out of a triangle consolidation.

The CAD currency fell today as a result of the outsized downside move in the crude oil market. As a result, the CADJPY broke lower out of a triangle consolidation that we have been forming the last several weeks. Given that the CADJPY tends to rally with “risk appetite” (as stocks move higher) and it hasn’t has opened the door for the bears to test the previous key Fibonacci extension of the 74.59 level which is the 161% extension of the August 2019 lows to february 2020 highs.