Canadian Dollar / Japanese YenCAD/JPY

CAD/JPY is essentially the oil-vs-yen trade in forex form. The Canadian dollar tracks crude oil prices closely, while the Japanese yen adds a risk-sentiment overlay as a traditional safe haven. The pair tends to rally when oil rallies and risk appetite is on, and to sell off when oil weakens or risk-off hits. Carry-trade friendly because CAD is the higher-yielder of the two. Drivers also include Bank of Canada vs BoJ policy and broader US economic data. Volatility is moderate but spikes around oil-supply news and BoJ intervention threats.