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The jsfiddle that you have provided is a workaround of log scale on axisY.
Providing that as an input to that canvasjs library for drawing the graph. But I am not able to draw the graph. The below snippet is the one I have done.
Using the logarithmic scale on axisY completely depends on your requirement. From version 1.9.0 CanvasJS supports logarithmic scale on both axisX & axisY.
Please take a look on the documentation page on logarithmic axis for more info.