CADJPY showing some teeth today despite broader risk-off vibes

Interesting to see $CADJPY carving out new session highs, hitting 116.07661 earlier, while other pairs are a bit more subdued. You'd think with the general sentiment being a bit more risk-averse after that surprise inflation print out of Europe yesterday, JPY would be getting more of a safe-haven bid. Instead, CAD seems to be flexing its muscles, likely buoyed by the recent uptick in oil prices that's quietly been playing out. It's a nice divergence to watch.

I'm not jumping in just yet, but it's certainly got my attention. My initial thought was that a strong CAD would struggle if the broader market turned bearish, but this pair seems to be shrugging it off. Might be worth exploring short-term long positions on pullbacks if the oil narrative holds. Meanwhile, $TRYUSD continues its slow bleed around 0.02120535 – a consistent reminder that some currencies just don't get a break, regardless of what the broader market is doing.