During Tokyo trading hours, Japan’s Economic Revitalization Minister Akazawa said that Japan and the U.S. will closely discuss currency issues. This caused people to buy more yen, and the CAD/JPY rate dropped to 102.66 yen. It later went up to 103.66 yen but fell again to 102.73 yen in the New York market. Overall, the price has not gone up easily.
Today, Canada will release its March CPI (Consumer Price Index). Inflation is expected to rise from 2.6% last month to 2.7%. Since the Bank of Canada has a meeting tomorrow, if the CPI is as expected or higher, people may start buying Canadian dollars again.
Expected Range for CAD/JPY: 104.00 – 102.20
Note: This information does not guarantee profits. Please make your own decisions when trading.