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Will the Canadian dollar, now the strongest currency, continue to rise? All eyes are on its direction.

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Will the Canadian dollar, now the strongest currency, continue to rise? All eyes are on its direction.

30.03.2023

Today's Highlights
  1. U.S. Fourth-Quarter GDP
  2. Remarks by U.S. Treasury Secretary Yellen

In U.S. currency trading the previous day, the Canadian dollar became the strongest currency after Bank of Canada Deputy Governor Gravel stated that “the BOC’s quantitative tightening is likely to end between late 2024 and the first half of 2025.” The CAD/JPY pair rose by approximately 180 pips, from 96.157 to 97.981.The pair broke above the 200 EMA on the 4-hour chart. On the weekly chart, the formation of a triple top has been completed, and upward pressure is strengthening again, so we will be watching for further gains in the Canadian dollar heading into the weekend.

Among European currencies, the euro traded in a tight range against the U.S. dollar after Germany’s April GFK Consumer Confidence Index, released yesterday, improved to -29.5 from the previous reading of -30.5.The EUR/USD pair traded in a range between 1.0818 and 1.0871, continuing to lack a clear direction as it fluctuated around the 20-period moving average on the hourly chart.Even during today’s Asian trading session, the EUR/USD pair has not broken out of yesterday’s trading range. We will be watching for any directional movement following the release of economic indicators during U.S. trading hours.

Today’s schedule includes Turkey’s Economic Confidence Index at 15:00, the ECB’s Monthly Report at 17:00, Germany’s Consumer Price Index at 21:00, U.S. Initial Jobless Claims, U.S. Fourth-Quarter GDP, and U.S. Personal Consumption Expenditures at 21:30,at 11:30 PM, U.S. weekly natural gas inventories; at 1:00 AM, remarks by SNB Board Member Mekler of Switzerland; at 1:45 AM, remarks by U.S. Richmond Fed President Barkin and U.S. Boston Fed President Collins;Boston Fed President, at 26:00, remarks by Kashkari, President of the Minneapolis Fed, and at 28:45, remarks by U.S. Treasury Secretary Yellen. We’ll be watching closely to see if the Canadian dollar, now the strongest currency, will continue to rise.

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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