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Should We Wait and See How Much Room the Canadian Dollar Has to Rebound, Given Its Limited Upside?

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Should We Wait and See How Much Room the Canadian Dollar Has to Rebound, Given Its Limited Upside?

10.06.2025

Today's Highlights
  1. UK Employment Statistics
  2. Australia's Westpac Consumer Confidence Index

In U.S. currency trading the previous day, the Canadian dollar weakened against the yen. The CAD/JPY pair fell from 105.847 to 105.281. Price action was seen fluctuating around the 20-period moving average (MA) on the hourly chart.On the 4-hour chart, the 20-period moving average is barely providing support on the downside, while on the daily chart, the 200-period simple moving average looms overhead as resistance. We will be watching closely to see if the Canadian dollar’s momentum continues to weaken during today’s U.S. trading session.

Among European currencies, the Swiss franc was the weakest during U.S. trading hours. The CHF/JPY pair fell from 176.221 to 175.581, with price action fluctuating around the 20-period moving average on the hourly chart.On the 4-hour chart, while the pair is finding support at the 10-period moving average on the downside, it has been unable to reach new highs; on the daily chart, it is currently pulling back after touching the +3σ level of the Bollinger Bands.

Today’s economic indicators include UK BRC same-store sales at 8:01, Japan’s M2 money supply at 8:50, Australia’s Westpac Consumer Confidence Index at 9:30, and Australia’sNAB Business Conditions Index, 15:00 Japan Machine Tool Orders, UK Unemployment Rate, and UK Employment Statistics, 19:00 US NFIB Small Business Optimism Index, 20:00 South Africa Manufacturing Output, and 26:00 US 3-Year Treasury Auction.I intend to cautiously monitor the Canadian dollar’s potential for a rebound, given its limited upside.

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 focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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