CADJPY, also called Loonie Yen, is the forex quote for the Canadian dollar (CAD) against the Japanese yen. This currency pair is widely sought after by traders and investors because it follows two of the largest and most prominent economies globally – Canada and Japan. CADJPY tracks how many Japanese yen are needed to buy one Canadian dollar based on the global marketplace.

What is CADJPY?

The CADJPY is a currency pair of Canada and Japan, and the pair tells about the number of JPY required to buy one CAD. This currency pair is also known as Loonie Yen and is a minor forex pair. The pair strongly correlates to AUDJPY and USDJPY because the U.S. is Canada's largest trade partner, and Australia is Japan's. Due to these reasons, when traders are wary of trading the USDJPY or AUDJPY, they can substitute them with CADJPY.

The volatility of CADJPY depends on several factors. The economic data releases tell about the performance of the economy, for instance, the country's GDP, employment, inflation, etc. Positive financial data releases from Canada or Japan might lead to an appreciation of their respective currencies, ultimately increasing the pair's exchange rate value. Additionally, the monetary policies of the Bank of Canada and the Bank of Japan significantly impact the exchange rate of the CADJPY pair. Understanding these aspects is vital for everyone who wants to know how to invest in CADJPY.

How Does CADJPY Work?

The Loonie Yen is generally considered a moderately liquid currency pair, which means it is not as heavily traded as some major currency pairs like EURUSD or USDJPY. Still, it has sufficient trading activity to allow for the efficient execution of trades. However, the pair's liquidity dramatically varies depending on the market conditions and the time.

CADJPY investors open an account through the SimpleFX platform with Webtrader and several features. Next, they must deposit funds in the account to start placing buying and selling orders. However, investors eager to learn how to trade CADJPY risk-free can start with a demo account on the platform.

CADJPY Price History

Before investing in any currency pair, it's necessary to check its performance in previous years. Traders can analyze a summary of the CADJPY exchange rate from 2018-2022.

2018

On 1st January 2018, the CADJPY exchange rate value was 89.8274, and the year ended at 80.345 JPY. The year's average was 85.1962 JPY, with the best and worst deals of 91.2882 and 80.345 JPY.

2019

This year started at 80.4767 JPY and ended at 83.5631 JPY. Moreover, the best and the worst exchange rate values were 84.5865 and 78.6446 JPY, respectively. The average value for the year was 82.158 JPY.

2020

On 1st 1, 2020, the exchange rate value of the CADJPY was 83.7781; in December 2020, it dropped to 81.1023 JPY. However, the year's average exchange rate value was 79.6432 JPY, and the best and worst values were 84.5057 and 74.7924 JPY.

2021

This year started with an exchange rate value of 81.1005 JPY and ended on the rise to 91.0709 JPY. The year's best, worst, and average values were 92.8144, 80.6763, and 87.6345 JPY, respectively.

2022

In January, the CADJPY exchange rate value was 91.0692 JPY; by the year's end, it reached 96.6271 JPY. The year's best and worst values were 110.0387 and 89.7833 JPY, respectively. And the year's average value was 100.8786 JPY.

In brief, throughout these five years, the CADJPY has seen a lot of fluctuations due to changes in the economic indicators and other factors.

Current CADJPY Price

The current CADJPY can be checked on the chart above and on the SimpleFX Webtrader platform.

Is CADJPY a good investment?

Whether CADJPY is a good investment depends on the economic indicators, commodity prices, central bank policies, technical analysis, and risk tolerance of the investors eager to learn how to invest in forex. Currencies are highly volatile assets that can cause loss of funds.

However, before investors start trading CADJPY, it is worth conducting fundamental and technical analysis and familiarizing yourself with the risks of investing in forex. SimpleFX provides recent financial news and charts with multiple tools designed for more experienced traders.

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