The CAD/JPY is trying to recover ground back above 91.20. Looking ahead, economists at Scotiabank expect the pair to advance nicely towards the 95-100 range.

Bullish above 91.75

“The potential bull flag noted last week remains intact and in play (CAD bullish above 91.75).”

“We still rather see limited downside potential for the cross (firm support in the low/mid-90s is being underpinned by the 40-day MA now).”

“Longer-run prospects remain supportive and we continue to feel that gains can extend towards the 95-100 range.”