
What happened? Japanese shares fell on Monday…
2019-11-11 • Updated
CAD/JPY recently reversed up from the powerful, long-term support level 81.00 (which has been steadily reversing the pair from last April and which was set as the sell target in our earlier forecast for this currency pair). The upward reversal from the support level started the active minor corrective wave (iv). CAD/JPY is expected to rise further toward the next buy target at the next resistance level 83.40 (top of wave (ii)).
What happened? Japanese shares fell on Monday…
USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
All eyes are headed toward the Bank of Canada today. Estimates point to no change both for the main rate and the ongoing QE which stands at $3B weekly.
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?
Today, at 5:00 pm (GMT +2), the Bank of Canada will publish the Overnight Rate, which represents short-term interest rates, and is pivotal to the overall pricing of the Canadian Dollar in the global markets. Let's look at how the markets are faring ahead of the BoC rates release.
In a call scheduled for January 25, 00:30 am GMT+2, Microsoft will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.
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