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

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

30.03.2023

In the previous day’s U.S. currency markets, the Canadian dollar emerged as 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-period 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 should watch for further gains in the Canadian dollar heading into the weekend.

European currencies saw the euro trade in a narrow range against the U.S. dollar after Germany’s April GfK consumer confidence survey, released yesterday, showed a slight improvement to -29.5 from the previous reading of -30.5.The EUR/USD pair traded in a narrow range between 1.0818 and 1.0871, continuing to lack direction as it fluctuated around the 20-period moving average on the hourly chart. Even during today’s Asian session, the EUR/USD has not broken out of yesterday’s trading range. We will need to watch for any directional movement following the release of U.S. economic indicators later today.

Today, at 3:00 PM, Turkey’s Economic Confidence Index; at 5:00 PM, the ECB’s Monthly Report; at 9:00 PM, Germany’s Consumer Price Index; at 9:30 PM, U.S. Initial Jobless Claims, U.S. Q4 GDP, and U.S. Personal Consumption;at 11:30 PM: U.S. Weekly Natural Gas Inventories; at 1:00 AM: Remarks by SNB Board Member Meckl; at 1:45 AM: Remarks by U.S. Richmond Fed President Barkin and U.S. Boston Fed President Collins;Boston Fed President, at 02:00 AM: U.S. Kashkari: Minneapolis Fed President, and at 04:45 AM: U.S. Treasury Secretary Yellen. We will be watching for signs of whether the Canadian dollar, now the strongest currency, will continue to rise.

Past Market Reports

1. 21.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

2. 20.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

3. 17.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

4. 16.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

5. 15.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

6. 14.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

7. 13.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

8. 10.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

9. 09.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

10. 08.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran