With the Canadian dollar facing resistance at higher levels, attention may turn to its potential rebound during U.S. trading hours

With the Canadian dollar facing resistance at higher levels, attention may turn to its potential rebound during U.S. trading hours

10.01.2025

In the U.S. currency market yesterday, the Canadian dollar fell against the yen. The CAD/JPY pair dropped from 110.175 to 109.484, forming a downtrend along the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the price broke well below the 20-period MA and fell to around the 75-period MA. On the daily chart, the price has failed to break through the resistance zone formed by the 200-period simple moving average (SMA) above and has reversed lower.

Among European currencies, the pound was the weakest during U.S. trading hours. The GBP/JPY pair fell from 195.797 to 193.505. The downtrend along the 10-period moving average (MA) on the hourly chart continued. On the 4-hour chart, the pair has broken below the 200-period moving average (SMA) that had been providing support, and on the daily chart, prices are declining after failing to surpass last month’s high. We should watch to see if the pound’s decline accelerates during today’s U.S. trading hours.

Today’s economic indicators include the Swiss unemployment rate at 15:45, the Norwegian CPI, Turkish labor force participation rate, and Turkish industrial production at 16:00, followed by Swedish industrial production at 16:00, Thai foreign exchange reserves at 16:30, French industrial production, French manufacturing production index, and French consumer spending at 16:45, and IndianIndustrial Production at 19:30, U.S. Employment Report and Canadian Employment Report at 22:30, and the University of Michigan Consumer Sentiment Index at 24:00. We will be watching for a rebound in the Canadian dollar during U.S. trading hours as it faces resistance on the upside.

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