CADJPY drop after BoC hints at pause – what's next?

Interesting to see $CADJPY really give back ground today, currently trading around 113.637. The BoC's recent tone, hinting at a potential pause in rate hikes, seems to have caught some off guard after the hawkishness we've seen from them for a while. The move down from its 116.45 high today suggests market participants are pricing in a divergence in monetary policy expectations versus the BoJ, which remains steadfastly dovish. I'm watching to see if this is just a quick correction or if we're establishing a new range, especially with oil's recent choppiness not giving CAD the usual clear direction. Keeping an eye on 112.707 as a potential support level, but if the BoC narrative continues to soften, we could see further unwinding of carry trades. $USDTHB seems relatively stable in comparison, though any broader USD strength or weakness could spill over.