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Watch for Upside Potential in the CAD/JPY Pair Following Canada’s Higher-than-Expected CPI Reading

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Watch for Upside Potential in the CAD/JPY Pair Following Canada’s Higher-than-Expected CPI Reading

19.02.2025

Today's Highlights
  1. UK Consumer Price Index
  2. New Zealand: RBNZ Policy Rate and Statement Release

In U.S. currency trading the previous day, the Canadian dollar rose against the yen after Canada’s January Consumer Price Index (CPI), released yesterday, showed a year-over-year increase of 1.9%, up 0.1 percentage points from the previous month’s 1.8%.The CAD/JPY pair traded between 106.595 and 107.223. Price action was seen straddling the 20-period moving average (MA) on the hourly chart. Since the daily chart shows a pattern of higher lows, traders should remain cautious about the potential for the Canadian dollar to rise during U.S. trading hours.

Among European currencies, the euro weakened during U.S. trading hours. In contrast to the rising USD/JPY, the euro/yen faced resistance on the upside and fell from 159.196 to 158.375.On the 4-hour chart, the RSI continues to decline gradually, while the daily chart shows that the downtrend that began at the end of last year is still ongoing. We will be watching closely to see if the euro rebounds during European trading hours.

Today, at 8:50, Japan’s machinery orders and trade balance (based on customs data) will be released; at 10:00, the RBNZ will announce its policy rate and statement; at 10:30, China’s new home sales prices will be released; at 16:00, the UK’s Consumer Price Index and retail sales will be released;UK Producer Price Index, at 17:00: South Africa’s Consumer Price Index, at 18:00: Eurozone Current Account,South Africa: Retail Sales at 20:00; U.S.: MBA Mortgage Applications Index at 21:00; U.S.: Housing Starts at 22:30; and U.S.: FOMC Minutes at 28:00.Keep an eye on the upside potential for the CAD/JPY pair, which rose following the higher-than-expected Canadian CPI.

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 with a particular focus on foreign exchange markets, and he also has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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