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

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

In yesterday's U.S. currency trading, 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. 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 be mindful of upside potential.

Despite the release of the March ZEW Economic Sentiment Index for the Eurozone yesterday, which rose to 33.5 from 25.0 the previous month, the euro fell against the U.S. dollar.The euro fell against the U.S. dollar 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 be wary of a continued decline during European trading hours.

Today’s key 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 through this year’s high.

Past Market Reports

1. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

2. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

3. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

4. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

5. 13.04.2026New

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

6. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

7. 09.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

8. 08.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

9. 07.04.2026

   Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed