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
- U.S. FOMC Policy Rate and Statement Release
- Remarks by ECB President Lagarde
In yesterday's U.S. currency trading, the Canadian dollar rose against the yen. The CAD/JPY pair climbed from 110.028 to 111.327.An uptrend has emerged along the 20-period moving average on the hourly chart. Furthermore, the CAD/JPY pair has continued to rise during today’s Asian session, climbing to 111.466. If the Canadian dollar remains strong against the yen, there is a possibility it could surpass this year’s high of 111.811, so investors should watch for upside potential.
Despite the release yesterday of the March ZEW Economic Sentiment Index, which rose to 33.5 from 25.0 the previous month, the euro fell against the U.S. dollar.The EUR/USD pair fell from 1.0876 to 1.0834, dropping to the 200-period simple moving average (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 of a continued decline during European trading hours.
Today’s economic indicators include the UK Consumer Price Index, UK Producer Price Index, UK Retail Sales, German Producer Price Index, and Turkish Consumer Confidence Index at 4:00 PM; remarks by ECB President Lagarde at 5:45 PM; South African Retail Sales and the US MBA Mortgage Applications Index at 8:00 PM; US Weekly Crude Oil Inventories at 11:30 PM;at 1:30 AM: Remarks by German Bundesbank President Nagel; at 3:00 AM: Announcement of the U.S. FOMC policy rate and statement; and at 3:30 AM: 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, will break its year-to-date high.
Author: Keisuke Sakurai
