All eyes are on whether the weak Canadian dollar will rebound during U.S. trading hours

All eyes are on whether the weak Canadian dollar will rebound during U.S. trading hours

29.07.2024

Last weekend, the Canadian dollar weakened against the yen. The CAD/JPY pair fell from 111.968 to 110.741. The rebound from the previous day was met with resistance at the 75-period moving average (MA) on the hourly chart. On the 4-hour chart, the pair has been declining since touching the 20-period MA, and on the daily chart, a battle is unfolding just below the 200-period simple moving average (SMA).We should watch to see if the CAD/JPY pair will fall to the 108.50 level, which is the 75-day moving average on the weekly chart.

Among European currencies, the Swiss franc was the weakest. The CHF/JPY pair fell from 175.114 to 173.524. On the hourly chart, the price moved from above the 20-period moving average (MA) to below it. On the 4-hour chart, the 20-period MA has become a resistance level, and the price has broken below the 75-period MA, with the RSI dropping to 34. We will need to monitor the direction of the market to see if the Swiss franc continues to weaken during European trading hours.

Today’s economic indicators include South Africa’s money supply, Sweden’s real GDP, and Sweden’s retail sales at 3:00 PM,at 5:30 PM: UK consumer credit balances and UK money supply; at 7:00 PM: UK CBI retail sales; at 8:30 PM: Brazil’s nominal fiscal balance; at 11:30 PM: the US Dallas Fed Manufacturing Index; and at 12:30 AM: the US 6-month Treasury bill auction. We will be watching for price movements at the end of the month to see if the weak Canadian dollar rebounds during US trading hours.

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