CADJPY is the forex quote for the Canadian dollar and Japanese Yen. Whenever a trader is unsure about trading the US dollar, the CADJPY is often considered as a suitable replacement. The currency pair is not seen as a major commodity pair though both currencies are significantly affected by commodity markets. The price of energy commodities most notably crude oil prices has a strong influence on the Canadian dollar while the price of heavy metal influences both currencies. The Canadian dollar and the Japanese Yen also have close ties to the US making the status of the US economy and American trade to have an effect on the pair. Historically, the higher yield of the Canadian dollar has made the pair good for carry trades.