All eyes are on whether the rising CAD/JPY pair will continue to climb during U.S. trading hours
14.03.2024
- U.S. Retail Sales
- Canada: Manufacturing Revenue
In yesterday’s U.S. trading session, the Canadian dollar rose. The CAD/JPY pair climbed from 109.128 to 109.847, reaching the 200-period EMA on the hourly chart. The upward trend has continued into today’s Asian session. Since the pair reversed course and rose without reaching the 200-period SMA on the daily chart, we will be watching closely to see if the Canadian dollar continues to strengthen against the yen.
Despite the fact that January industrial production in the Eurozone, released yesterday, fell to -6.7% year-on-year from 1.2% the previous month, the euro rose against the U.S. dollar.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 overbought threshold of 70, so traders should be on the lookout for a price correction.
Today’s economic indicators include UK RICS House Price Index at 9:01, India’s Wholesale 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 20:30,21:30: U.S. Initial Jobless Claims, U.S. Retail Sales, Canadian Manufacturing Sales, U.S. Producer Price Index, and 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.
Author: Keisuke Sakurai
