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Will the Canadian dollar, which has strengthened against the yen amid rising CPI, continue to climb, or should we wait and see?

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Will the Canadian dollar, which has strengthened against the yen amid rising CPI, continue to climb, or should we wait and see?

20.01.2026

Today's Highlights
  1. Remarks by Swiss National Bank (SNB) President Schlegel
  2. Germany: Producer Price Index

In the U.S. currency market yesterday, the Canadian dollar rose against the yen after Canada’s December Consumer Price Index, released yesterday, showed a year-over-year increase of 2.4%, up 0.2 percentage points from the previous month’s 2.2%. The CAD/JPY pair rose from 113.287 to 114.082.On the hourly chart, the price moved from the -2σ to the +2σ Bollinger Band. On the 4-hour chart, the RSI rose from 40 to 55. On the daily chart, the candlesticks have rebounded from below the 20-day moving average (MA) back to above it.

Among European currencies, the pound rose against the U.S. dollar. The GBP/USD pair rose from 1.3343 to 1.3433. A rebound was observed along the 20-period moving average (MA) on the hourly chart.On the 4-hour chart, the 200-period SMA is acting as a support level, leading to a rebound, and on the daily chart, prices have reversed near the 75-period MA; the pound’s strength continues to build during today’s Asian trading session.

Today’s economic indicators include the German Producer Price Index, the UK ILO Unemployment Rate, and the UK Employment Statistics at 16:00; the Swiss Producer Import Prices at 16:30; the Eurozone Current Account at 18:00;at 19:00, the German ZEW Economic Sentiment Index, the Eurozone ZEW Economic Sentiment Index, and Eurozone Construction Output; and at 25:30, remarks by Swiss National Bank (SNB) President Schlegel and German Bundesbank President Nagel.I’d like to watch the situation carefully to see if the Canadian dollar, which has strengthened against the yen amid rising CPI, will continue to climb.

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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Will the U.S. dollar, now at its weakest, continue to weaken? All eyes are on its direction.
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