This currency pair tracks the price of one Canadian Dollar, calculated in Japanese Yen. The trading relationship between Canada and Japan is quite extensive. Canada exports fuels and oils to Japan, while Japan exports vehicles and various types of machinery to Canada. Therefore, events affecting these industries could also impact the respective currencies. In addition, since Japan’s economy is heavily dependent on exports, the Yen often displays an inverse relationship with the Nikkei index. Events of economic significance, such as central bank rate decisions and trade agreements could also impact this currency pair.