Hourly candles of CAD/JPY are coming into a triangle formation, with both ascending and descending trend lines ruling the pair, which suggests a sharp break in either direction could be imminent.
The Canadian dollar is one of those currencies which generally outperforms the USD on better than expected U.S. data. For this reason, CAD/JPY is a good pair to trade nonfarm payrolls on, because the pip movements are likely to be more pronounced than in USD/JPY, and the direction, identical. If payrolls come in better than expected, look for the pair to head higher. The reverse is also true. Movements could be aggravated once the triangle breaks.