After falling to 103.73 in Tokyo, the Canadian dollar rose to 104.67 in the European market. However, in the U.S. market, all three major stock indexes dropped, leading to safe-haven buying of the yen, pushing CAD/JPY down to 103.57.
U.S. President Trump announced that a 25% tariff on Canada will take effect on March 4, causing more selling of the Canadian dollar. Earlier, there was hope that a deal could reduce the tariff, but now it is certain to be enforced.
The rebound is expected to be limited, and the next key support level is the September low of 102.81.
Expected CAD/JPY Price Range: 104.30 – 102.80
Note: This information does not guarantee profits. Make your own decisions when trading.