On the Daily chart
we see that CADJPY
is trading quite nicely to the downside, in a higher degree of a zig-zag
labeled as black a-b and c, that could be in final stages. We see that price reached lower levels in the last leg c, and is now trading in blue sub-wave 3, which can find a support and a possible turning point into wave 4 around the 1.618 Fibonacci ratio.
A zig-zag is a 3-wave structure labeled A-B-C, generally moving counter to the larger trend. It is one of the most common corrective Elliott patterns.