Correlation Trade Between USD/CAD & USD/JPY

FX:USDCAD   U.S. Dollar / Canadian Dollar
The trade: Long USD/CAD             & Short USD/JPY             .

A nice correlation trade is setting up between USD/CAD             & USD/JPY             . The spread in the correlation is currently 600 Pips, over the past year the max spread has been approximately 1,200 Pips.

We will be taking 1/4 our intended position size, if the spread continues to widen we will slowly add to our position. There is a good chance we see that happen over the next few days as the US & Canada both have unemployment numbers scheduled for release. If our timing happens to be accurate today and the spread begins to narrow before that data is released we will book our profit.
so just short cadjpy?
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