Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CAD
An unexpected 25bp rate hike from the Bank of Canada, as the bank noted that excess demand in the economy is more persistent than anticipated, saw CAD/JPY firm to its highest level since late November 2022.
- Gains have been marginally pared in early Asian trading on Thursday and we last print at ¥104.65/75. The pair rose ~0.6% yesterday and is now up ~9% in 2023.
- With an uptrend firmly in place bulls target the high from 21 Nov (¥105.82), a break through here open ¥107.43 a Fibonacci projection.
- Bears first look to break the 20-Day EMA at ¥102.93 to reverse the uptrend.
- On the wires this morning we have the final print of Q1 GDP from Japan. Looking ahead on Friday Canadian May Unemployment is due with an uptick in the headline number to 5.1% from 5.0% expected.
Fig 1: CAD/JPY Daily Spot, EMAs
Source: MNI/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok