Will the Canadian dollar, which has fallen against the yen, rebound? All eyes are on price movements during U.S. trading hours.
25.04.2025
- Kashkari (U.S.): Remarks by the President of the Minneapolis Fed
- Consumer Price Index for Tokyo's 23 Wards, Japan
In U.S. currency trading the previous day, the Canadian dollar fell against the yen. The CAD/JPY pair retreated from 103.296 to 102.556. On the hourly chart, it fell from the +2σ to the -3σ levels of the Bollinger Bands. On the 4-hour chart, the pair reversed just short of the 200 SMA.On the daily chart, the pair is currently reversing after touching the 20-day moving average. We will be closely monitoring the direction of the market to see if the Canadian dollar’s momentum continues to weaken.
Among European currencies, the pound rebounded against the U.S. dollar. The GBP/USD pair rose from 1.3243 to 1.3347.The rebound occurred as the price found support at the 200-period EMA on the hourly chart. On the 4-hour chart, the price has moved from below the 20-period MA to above it, and on the daily chart, the 10-period MA is acting as a support level. However, since the pound has weakened during today’s Asian session, it will be important to monitor price movements during the European session.
Today’s economic indicators include remarks by Kashkari, President of the Federal Reserve Bank of Minneapolis, at 6:00; the UK Consumer Confidence Survey at 8:01; the Tokyo Metropolitan Area Consumer Price Index at 8:30; UK Retail Sales at 15:00;a 5:00 p.m. speech by Swiss National Bank (SNB) Governor Schlegel, 9:30 p.m. Canadian retail sales, 11:00 p.m. University of Michigan Consumer Sentiment Index, and an 11:15 p.m. statement by MPC member Green.We’ll be watching price movements during U.S. trading hours to see if the Canadian dollar, which has fallen against the yen, will stage a rebound.
Author: Keisuke Sakurai
