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Canadian Dollar / Japanese Yen (CAD/JPY)

Stay updated on CAD/JPY exchange rates and market movements. Get expert insights into how Canadian Dollar compares to Japanese Yen at FP Markets Nigeria.
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Canadian Dollar / Japanese Yen (CAD/JPY) Profile

CAD/JPY is the abbreviation for the Canadian Dollar and Japanese Yen pair. It shows how much the CAD (base currency) is worth as measured against the JPY (counter currency). For example, CAD/JPY = 82.98 indicates that one Canadian Dollar can buy 82.98 Japanese yen.

CAD is the currency symbol of the Canadian dollar. It is made up of 100 cents and is often symbolised with C$ to recognise it from the U.S. dollar. CAD is also known as the 'commodity currency' since Canada exports most of its resources; oil, fish, alimentary goods and minerals. The central Bank is the Bank of Canada. JPY is the currency code for the Japanese Yen, the currency of Japan. The yen is formed from 100 Sen or 1000 Rin and its symbol is ¥. After the U.S. dollar and the Euro, the Japanese Yen, is the most traded currency in the Forex. The central bank is Bank of Japan

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Canadian Dollar / Japanese Yen (CAD/JPY) Trading FAQ

The bottom line is trading between 12:00 and 15:00 maximises your efficiency in trading the CAD/JPY. This period often provides the most opportunities to deploy trading capital, as the increased volatility provides more opportunities to trade.

CAD/JPY may not be one of the mainstream Forex pairs, but it still has several desirable characteristics. For one, CAD/JPY interests’ traders because both CAD and EUR are two major currencies in the Forex market. It’s also not a bad thing that the pair manages to retain quite a bit of liquidity without excessive volatility.

CAD/JPY is historically more sensitive to changes in market-wide sentiment than USD/JPY due to the historically higher yield attached to the Canadian Dollar. Further, the 'Loonie' - as the Canadian Dollar is known - is affected by oil prices because of Canada's energy exports.

As you may already know, trading via CFDs (contracts for difference) is one of the most popular approaches when dealing with currencies such as CAD/JPY. While there are numerous Forex brokers out there. Try to find one that suits your needs. Such as FP Markets, a fully regulated broker that offers all types of platforms and accounts, to suit every need.

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