The CADJPY consolidates losses.

The CADJPY broke lower following being our “Chart of the Day” on June 8th. Since then, the CADJPY broke lower and is now consolidating losses in a triangle formation. The risk is two fold for bulls near term. 1) despite the rally in SPX the CADJPY has broken lower which is contrary to its normal positive  correlation to equities. 2) Similar to the last point, the rally in crude oil towards $75 has failed to drag CADJPY higher as well. 89.15 and 90.15 are the breakout points for the CADJPY and should be monitored carefully.