The CAD/JPY currency pair, which expresses the value of the Canadian dollar in terms of the Japanese yen, is one of the more volatile FX crosses, which has proven to be case recently. The chart below illustrates recent CAD/JPY price action, which follows a sell-off in global equities, as well as a crash in oil prices.
(Chart created by the author using TradingView. The same applies to all subsequent candlestick charts presented hereafter.)
CAD/JPY is illustrated using daily candlesticks, while the blue line represents S&P 500 futures prices (a proxy for U.S.