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All eyes are on whether the rising CAD/JPY pair will continue to climb during U.S. trading hours.

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All eyes are on whether the rising CAD/JPY pair will continue to climb during U.S. trading hours.

14.03.2024

Today's Highlights
  1. U.S. Retail Sales
  2. Canada: Manufacturing Revenue

In U.S. trading yesterday, the Canadian dollar rose during U.S. trading hours. The CAD/JPY pair climbed from 109.128 to 109.847, reaching the 200-period EMA on the hourly chart.Price action continues to trend upward during today’s Asian session as well. On the daily chart, the pair reversed course and rose before reaching the 200-day SMA, so we will be watching closely to see if the Canadian dollar continues to strengthen against the yen.

European currencies saw the euro rise against the U.S. dollar, despite the fact that January industrial production in the eurozone—released yesterday—fell to -6.7% year-over-year from 1.2% the previous month.The EUR/USD pair rose from 1.0919 to 1.0964, reaching the +3σ level of the hourly Bollinger Bands. On the daily chart, the RSI for EUR/USD has risen to around 65—just shy of the 70 overbought threshold—so traders should be on the lookout for a potential price correction.

Today's economic indicators include the UK RICS House Price Index at 9:01, the IndiaWholesale Price Index at 15:30, Sweden’s Consumer Price Index at 16:00, Switzerland’s Producer Price Index at 16:30, Hong Kong’s Industrial Production at 17:30, South Africa’s Manufacturing Production at 20:00, Turkey’s Foreign Exchange Reserves at 20:30,at 21:30: U.S. Initial Jobless Claims, U.S. Retail Sales, Canadian Manufacturing Sales, and U.S. Producer Price Index; and at 23:00: U.S. Business Inventories. It will be interesting to see if the rising CAD/JPY pair continues to gain ground during U.S. trading hours.

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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