Hi Guys,
New member first post. (From Canada)
When trading the CADJPY keep a close eye on copper and the Sp500 as well.
All sp500 stocks are connected to manufacturing in Japan or resource supply in Canada.
Those are the two countries that are most strongly integrated into the US and close allies.
Nice clean relationship as well. One buys copper and oil and the other supplies.
No cross influences like you will see in other pairs. Like AUD CAD where they compete in both sell oil or gold etc.
The most straight forward pair out there is the CADJPY.
I actually look for my buy/sell signals for the CADJPY on copper/usd as it usually gets me a head up to watch for a reversal or signal on CADJPY.
So the CADJPY is also strongly positive correlation to the SPX500, SPY etc.
So you can hedge the SPX500 by using the CADJPY.
Or use copper and spy as confirmations to filter out false signals. Wait for all three to trigger.
That is how I view the CADJPY anyways.