CADJPY is currently in a descending channel. Depending on how the oil market plays out this week, I will expect CADJPY to breakout of this channel to the upside around the 87.207- 87.265 level, assuming it can break above the downtrending line of resistance. Otherwise, I expect it continue bouncing within this channel and my next target for this to the downside would be around the 86.136 zone.