USOIL as a leading indicator for CADJPY
On the daily timeframe USOIL may be used as a leading indicator for CJ. There is a few days lag between the two as Japan be the net importer of oil and Canada a net producer of the same commodity. The correlation is pretty much consistent throughout the year as can be seen from the correlation coefficient indicator below as well.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.