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Should We Keep an Eye on the Direction of the CAD/JPY Pair, Given Its Limited Downside?

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Should We Keep an Eye on the Direction of the CAD/JPY Pair, Given Its Limited Downside?

07.03.2023

Today's Highlights
  1. German Manufacturing Orders
  2. Housing Prices in Halifax, UK

In U.S. trading hours yesterday, the Canadian dollar weakened slightly, trading in a tight range against the yen. The CAD/JPY pair fluctuated between 99.594 and 100.088, showing a lack of clear direction.From a technical perspective, the CAD/JPY pair is in the process of narrowing its trading range around the 20-period moving average (MA) on the hourly chart, and on the 4-hour chart, it is positioned between the 75-period and 20-period MAs. Since no RSI divergence is visible, we will be watching closely to see if prices extend their gains during U.S. trading hours.

Among European currencies, the Swiss franc rose against the yen after yesterday’s release of the February Consumer Price Index (CPI) showed a 0.1-point increase year-over-year to 3.4%. The CHF/JPY pair rose from 144.714 to 146.036.The pair rebounded, finding support at the 75-period moving average (MA) on the 4-hour chart. During today’s Asian trading session, CHF/JPY has continued yesterday’s trend, rising to 146.196. The 4-hour RSI has risen from 42 and is currently hovering around 65, so it will be interesting to see if this trend continues into the European trading session.

Today’s schedule includes the Swiss unemployment rate at 15:45 (Asia time); German manufacturing orders and UK Halifax house prices at 16:00 (Europe time); South Africa’s fourth-quarter GDP at 18:30; U.S. wholesale inventories at 24:00 (U.S. time);Fed Chair Powell’s congressional testimony, at 27:00 Swiss National Bank (SNB) Governor Jordan’s remarks and a U.S. 3-year Treasury auction, and at 29:00 U.S. consumer credit balances. We’ll be watching the direction of the CAD/JPY pair, which has limited downside potential.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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With February’s Unemployment Rate Down, All Eyes on the Swiss Franc’s Direction
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