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Should We Watch the Direction of the CAD/JPY Pair, Which Rallied After the BOC Kept Its Policy Rate Unchanged?

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Should We Watch the Direction of the CAD/JPY Pair, Which Rallied After the BOC Kept Its Policy Rate Unchanged?

07.03.2024

Today's Highlights
  1. Europe: ECB Policy Rate and Statement Release
  2. Challenger's Projected U.S. Job Cuts

In U.S. currency trading the previous day, the Canadian dollar rose against the yen following the Bank of Canada’s (BOC) policy rate announcement yesterday, in which the policy rate was held steady at 5.00%—in line with market expectations.The CAD/JPY pair rose from 109.935 to 110.620, temporarily recovering to the 75-period moving average (MA) on the hourly chart. However, during today’s Asian trading session, cross-yen pairs fell across the board, causing the CAD/JPY pair to drop to 109.879.

European currencies rose as the euro strengthened against the U.S. dollar following yesterday’s release of January retail sales data for the eurozone, which showed a shift from a 1.1% month-over-month decline to a 0.1% increase.The EUR/USD pair rose from 1.0842 to 1.0915. An uptrend originating from the 20-period moving average (MA) on the 4-hour chart was observed. Since the daily chart also shows an uptrend originating from the 20-period MA, we will be watching price movements closely during European trading hours.

Today’s schedule includes Japan’s domestic and foreign securities investment at 8:50, Australia’s trade balance at 9:30, Switzerland’s employment statistics at 15:45, Germany’s new manufacturing orders at 16:00, Taiwan’s consumer price index at 17:00, South Africa’s current account balance at 18:00,at 9:00 PM, Mexico’s Consumer Price Index; at 9:30 PM, the U.S. Challenger Job Cuts; at 10:15 PM, the ECB’s policy rate decision and statement; at 10:30 PM, U.S. initial jobless claims; at 10:30 PM, Canada’s housing permits;at 22:30, U.S. Trade Balance and Canada’s International Merchandise Trade; and at 24:00, remarks by Fed Chair Powell are scheduled. We intend to carefully assess the direction of the CAD/JPY pair, which rose following the BOC’s decision to keep its policy rate unchanged.

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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