All eyes are on whether the Canadian dollar, which has been rising against the yen, will continue to climb

All eyes are on whether the Canadian dollar, which has been rising against the yen, will continue to climb

01.11.2023

Despite the fact that Canada’s August GDP, released yesterday, fell to 0.9% year-on-year from 1.1% the previous month, the U.S. dollar showed a strong downward trend against the yen. The CAD/JPY pair rose by approximately 160 pips, from 107.699 to 109.350.This marked a significant uptrend along the 10-period moving average (MA) on the hourly chart. With BOC Governor McClem’s remarks scheduled for later today, we will be closely monitoring whether his comments impact price movements.

European currencies saw the euro fluctuate against the U.S. dollar following the release yesterday of preliminary figures for the Harmonized Index of Consumer Prices (HICP), which showed a sharp decline from 4.3% to 2.9% year-on-year.The EUR/USD pair rose to 1.0674 before plummeting. It eventually fell well below yesterday’s low of 1.0590, dropping to 1.0557. Since the daily chart showed a bearish candle with an upper shadow, we should remain cautious about whether the euro will decline against the yen during U.S. trading hours.

Today’s economic indicators include the India Manufacturing PMI at 2:00 PM, the Turkey Manufacturing PMI at 4:00 PM, Hong Kong Retail Sales at 5:30 PM,5:30 PM: Switzerland SVME Purchasing Managers' Index, 6:30 PM: UK Manufacturing PMI, 8:00 PM: US MBA Mortgage Applications Index, 9:00 PM: Brazil Industrial Production, 9:15 PM: US ADP Employment Report, 9:40 PM: Remarks by SNB Governor Jordan (Switzerland), 10:45 PM: US Manufacturing PMI,at 11:00 PM: US Construction Spending; at 11:00 PM: US ISM Manufacturing Index; at 3:00 AM: US FOMC Interest Rate Decision and Statement; at 3:30 AM: US Fed Chair Powell Press Conference; and at 5:15 AM: Canadian BOC Governor Macklem Remarks. I want to closely monitor whether the Canadian dollar, which has been rising against the yen, will continue to climb.

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