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With Canada’s CPI on the rise, should we keep a close eye on the direction of the CAD/JPY pair, which is showing strong support?

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With Canada’s CPI on the rise, should we keep a close eye on the direction of the CAD/JPY pair, which is showing strong support?

17.04.2024

Today's Highlights
  1. U.S. MBA Mortgage Applications Index
  2. Canada: International Securities Trading Volume

In U.S. currency trading the previous day, the Canadian dollar fell slightly against the yen despite the fact that Canada’s March CPI, released yesterday, rose by 0.1 percentage points year-over-year to 2.9% from the previous month’s 2.8%. The CAD/JPY pair fell momentarily from 112.255 to 111.285.It broke below the 200-period SMA on the hourly chart. On the 4-hour chart, the decline halted upon touching the 200-period EMA, and on the daily chart, it is barely holding above the 20-period MA; therefore, we will be watching for a potential rebound in the Canadian dollar during U.S. trading hours.

European currencies rose, with the euro strengthening against the yen after Germany’s April ZEW Economic Sentiment Index—released yesterday—showed a significant improvement to 42.9 from 31.7 the previous month, and the European ZEW Economic Sentiment Index also rebounded.The euro/yen pair rose from 163.667 to 164.675, breaking above the 20-period moving average (MA) on the hourly chart. While the 4-hour chart continues to show a pattern of lower highs, the 75-period MA is acting as a support level on the daily chart, so we will be watching price action closely during European trading hours.

Today’s schedule includes the New Zealand Consumer Price Index at 7:45, Japan’s trade balance at 8:50, Australia’s Westpac Leading Index at 9:30, the UK’s Consumer Price Index, retail sales, and Producer Price Index at 15:00, and at 18:00, the Eurozone’sCPI, at 20:00 the South African Retail Sales and U.S. MBA Mortgage Applications Index, at 21:05 remarks by UK MPC member Green, at 21:30 Canadian International Securities Turnover, at 23:30 U.S. Weekly Crude Oil Inventories,at 25:00, remarks by Bank of England Governor Bailey; at 26:00, the U.S. 20-year Treasury auction; and at 27:00, remarks by ECB President Lagarde. With the Canadian dollar/yen pair finding support due to rising Canadian CPI, we want to carefully assess its direction.

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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