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Should We Keep a Close Eye on the Recovery of the Canadian Dollar, Now the Weakest Currency?

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Should We Keep a Close Eye on the Recovery of the Canadian Dollar, Now the Weakest Currency?

12.07.2024

Today's Highlights
  1. Germany: Wholesale Price Index
  2. U.S. Producer Price Index

In U.S. trading the previous day, the Canadian dollar was the weakest currency. The CAD/JPY pair fell by about 3 yen, from 118.766 to 115.711. It broke well below the 200-period SMA on the hourly chart.On the 4-hour chart, the pair has fallen to just below the 200 SMA, and on the daily chart, it has broken below the 20 MA. On the weekly chart, the pair has fallen from the +2σ Bollinger Band to near the centerline, so traders should pay close attention to the price action of the CAD/JPY pair during U.S. trading hours.

Among European currencies, the pound fell against the yen. The GBP/JPY pair plummeted from 208.099 to 203.861, a drop of 4.2 yen.On the hourly chart, the pair has broken well below the 200-period SMA. Although it rebounded after touching the 75-period MA on the 4-hour chart, downward price action has continued during today’s Asian trading session, so traders should exercise extreme caution when considering counter-trend trades.

Today’s economic indicators include Japan’s industrial production at 1:30 p.m., Germany’s wholesale price index and Sweden’s consumer price index at 3:00 p.m., France’s consumer price index at 3:45 p.m., Turkey’s current account balance at 4:00 p.m.,at 21:00, India’s Consumer Price Index and Mexico’s Industrial Production; at 21:30, Canada’s Housing Starts and the U.S. Producer Price Index; at 22:00, Canada’s Existing Home Sales; and at 23:00, the U.S. University of Michigan Consumer Sentiment Index.I intend to closely monitor the recovery potential of the Canadian dollar, which has become the weakest currency.

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.

Previous Article

All eyes are on whether the U.S. CPI release will cause significant shifts in currency strength

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Will the GBP/JPY, which has weathered the decline, recover during European trading hours, or should we wait and see?
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