Increased tensions in the Ukraine will mean higher oil prices in the short-term at least and one clear way to play this is through CAD/JPY (or GBP/JPY but risk-aversion could offset some gains?).
The Japanese economy must import virtually all of its oil needs and of course Canada is a net exporter of oil. I’m long already from last week and have added some more at 93.80. Let’s see how it develops.