In yesterday’s Tokyo market, news broke that Canadian Prime Minister Trudeau is likely to resign as party leader and prime minister this week. The Canadian dollar rose in response, as his resignation had been considered only a matter of time since the end of last year.
The Canadian dollar climbed to 110.01 in the European market but later dropped to the lower 109 range. In the New York market, it rose back to 110.00, closing at a high price. The buying momentum remains strong, suggesting further increases are possible. If the Canadian dollar clearly breaks above the 110.00 resistance level, it may test the 111 range last seen in November of last year.
Predicted Range for CAD/JPY: 110.80 – 109.20
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