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Should We Keep an Eye on the CAD/JPY Pair, Which Hit a New High This Year Following a Surprise Rate Hike?

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Should We Keep an Eye on the CAD/JPY Pair, Which Hit a New High This Year Following a Surprise Rate Hike?

08.06.2023

Today's Highlights
  1. Remarks by Vice President Ka of BOC
  2. Europe: Real GDP

In U.S. currency trading the previous day, the Canadian dollar rose against the yen after the Bank of Canada (BOC) announced its policy rate decision yesterday, defying market expectations of a hold and raising rates by 0.25%. The CAD/JPY pair rose from 103.706 to a new high for the year, reaching 104.877.The price extended its gains to touch the +3σ level on the 4-hour Bollinger Bands. From a technical perspective, the CAD/JPY pair continues its daily uptrend that began on March 24 of this year, and the daily RSI is hovering around 70. We will need to assess the direction to determine whether the Canadian dollar’s upward trend will continue.

European currencies rose against the yen after Germany’s April industrial production figures were released yesterday, showing a year-over-year increase of 1.6%—up from the preliminary estimate of 1.4%.The euro/yen pair rose from 148.637 to 150.016. It rebounded after finding support at the 200-period simple moving average (SMA) on the 4-hour chart. On the daily chart, the 20-period moving average (MA) is acting as a support level, and since the centerline of the Bollinger Bands remains upward-sloping, we will keep a close eye on whether further gains are likely during European trading hours.

Today, at 18:00, we’ll see Eurozone real GDP and South Africa’s current account balance,at 8:00 PM, South Africa’s manufacturing output; at 9:00 PM, Mexico’s Consumer Price Index; at 9:05 PM, remarks by SNB Governor Jordan of Switzerland; at 9:30 PM, U.S. initial jobless claims; at 11:00 PM, U.S. wholesale inventories;at 11:30 PM, U.S. weekly natural gas inventories; and at 4:10 AM, remarks by BOC Deputy Governor Buehler. We’ll be watching for upside potential in the CAD/JPY pair, which has risen following the surprise rate hike.

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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