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The pair of the Canadian Dollar and the Japanese Yen is a strong substitute for the USD/JPY currency pair when a trader is suspicious of trading the USD. Nevertheless, CAD/JPY is historically more sensitive to changes in market-wide viewpoint than USD/JPY due to the historically higher yield attached to the Canadian Dollar. Also, the “Loonie” – as the Canadian Dollar is known, the “Loonie ” is strongly affected by oil prices because Canada is one of the largest exporters of oil and energy. On the other hand, Japan is one of the largest importers of oil, making this pair really exciting to trade.
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