CADJPY recently reversed down from the resistance area lying between the resistance level 77.700 (which stopped the previous sharp upward correction 4 earlier this month) – strengthened by the 38.2% Fibonacci retracement of the previous sharp downward impulse 3 from February. Given the rising bearish Canadian dollar sentiment seen across the markets today – CADJPY is likely to extend the losses toward the next support level 74.000 (which stopped the previous sharp impulse waves 3 and 5).