The CADJPY is at risk of a break of the 200DMA following the weekend news.

The news over the weekend about the drone attack of Saudi Oil fields put a significant bid in the oil market, and that translated to a bid in the CAD respectively. The technical hurdles for the pair at 82.00 are big with a long term trend line and the 200dma as well, however if this level is broken a big short squeeze in the pair may develop. The technical formation is a bull flag pattern which is developing.

CADJPY Bull Flag

Blake Morrow