All eyes are on whether the weak Canadian dollar will rebound during U.S. trading hours
29.07.2024
- UK Consumer Credit Balances
- Sweden: Real GDP
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 falling 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 rate 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 is acting as resistance, 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.
Author: Keisuke Sakurai
