Final answer:
To profit from an expected appreciation of the JPY against the CAD, one should buy JPY/CAD. This involves buying the Japanese yen while selling the Canadian dollar, thereby benefiting from any increase in the value of the yen against the CAD.
Step-by-step explanation:
If you expect the Japanese yen (JPY) to appreciate against the Canadian dollar (CAD), to speculatively profit from this movement in the foreign exchange market, you should buy JPY/CAD. This action means that you are buying the Japanese yen while selling the Canadian dollar, anticipating that the value of the yen will increase in relation to the CAD. If your expectation is correct and the JPY appreciates, you can then sell the JPY at a higher rate against the CAD, thereby making a profit on the transaction.