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Watching CADJPY after recent BOC comments and oil's slight dip
The latest rhetoric out of the Bank of Canada has been leaning a bit more dovish than some expected, which could put some pressure on the CAD. Coupled with the slight softening in oil prices over the last 24 hours, I'm watching how $CADJPY might react. While $MXNJPY is down slightly today at 9.211, the CAD has its own set of unique headwinds currently. Will be interesting to see if any sustained break in oil correlates with further CAD weakness.
My focus isn't on an immediate trade, but rather on monitoring if a trend emerges that might offer a higher probability setup later in the week. The market seems a bit indecisive, probably waiting for more definitive data points.