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With the CAD/JPY pair continuing to rise, all eyes are on whether it will hit a new high for the year

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With the CAD/JPY pair continuing to rise, all eyes are on whether it will hit a new high for the year

20.03.2024

Today's Highlights
  1. U.S. FOMC Policy Rate and Statement Announcement
  2. Remarks by ECB President Lagarde

In U.S. currency trading the previous day, the Canadian dollar rose against the yen. The CAD/JPY pair rose from 110.028 to 111.327.An uptrend has emerged along the 20-period moving average on the hourly chart. The CAD/JPY pair has continued to rise during today’s Asian trading session, climbing to 111.466. If the Canadian dollar continues to strengthen against the yen, it could break through this year’s high of 111.811, so traders should keep an eye on the upside potential.

European currencies saw the euro fall against the U.S. dollar, despite the March ZEW Economic Sentiment Index for the eurozone—released yesterday—rising to 33.5 from 25.0 the previous month.The EUR/USD pair fell from 1.0876 to 1.0834, dropping to the 200-period SMA on the 4-hour chart. Similarly, on the daily chart, the pair fell to the 200-period SMA line; however, since upside momentum remains limited during today’s Asian session, we should remain cautious about a continued decline during the European session.

Today’s economic indicators include the UK Consumer Price Index, UK Producer Price Index, and UK Retail Sales at 16:00,German Producer Price Index (PPI) and Turkish Consumer Confidence Index; at 17:45, remarks by ECB President Lagarde; at 20:00, South African retail sales and the U.S. MBA Mortgage Applications Index; at 23:30, U.S. weekly crude oil inventories;at 25:30, remarks by German Bundesbank President Nagel; at 27:00, the U.S. FOMC policy rate decision and statement; and at 27:30, a press conference by U.S. Federal Reserve Chair Powell. We will be watching to see if the CAD/JPY pair, which has been on an upward trend, can reach a new high for the year.

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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