The safe-haven appeal of the Japanese yen fails to help it

The Canadian dollar holds its ground against the Japanese yen despite the uncertainties looming over the global financial market. It is believed that the exchange rate’s prices will eventually climb to its resistance level as bullish investors gather enough strength and momentum from the commodity market and the equity market. The safe-haven appeal of the Japanese yen fails to help it defend itself against the loonie as Wall Street finally calms down ahead of the highly anticipated third-quarter earnings season. Looking at the charts, the Canadian dollar has lost its footing in the previous sessions as Wall Street gets spooked by the fading hopes for a stimulus aid from the US government. However, as of today, the Japanese yen is seen nursing its losses as the market once again feels hopeful for a stimulus program from the US authorities. See, the fluctuating risk sentiment in the market is preventing bulls from gaining a powerful momentum.