The base currency – CAD. The counter currency – JPY. The CAD/JPY rate is the Canadian Dollar/Japanese Yen currency rate. This pair is often used when a trader is not eager to trade in US Dollars. In this case the USD/JPY chart is regarded as a suitable substitute. It shows how much the Canadian Dollar is worth when measured against the Yen. However, the CAD/JPY forecast is more sensitive towards the market-wide sentiment than the USD/JPY, because historically the Canadian Dollar has a higher yield. Moreover, due to Canada’s extensive energy export business, the Canadian Dollar, often referred to as the ‘Loonie’, depends on the price of the crude oil.