At the end of last week, the Canadian dollar rose against the yen to 103.94 yen as the yen became weaker. From the Tokyo market to the European market this week, the Canadian dollar stayed strong.
However, in the New York market, people started to buy the yen again, and the Canadian dollar fell to 102.60 yen by the end of trading.
The yen is still leading the market, but it is expected that soon the Canadian dollar will become more important.
Yesterday, the Canadian general election for the lower house started. Many believe that Prime Minister Carney’s Liberal Party is ahead.
If the opposition Conservative Party catches up, expectations for Prime Minister Carney to reduce Canada’s dependence on the U.S. (especially regarding Trump’s tariffs) may weaken, and the Canadian dollar could fall further.
This situation is something to watch carefully.
Canadian Dollar/Yen Expected Trading Range: 102.30 yen – 103.20 yen
Note: This information does not guarantee profits. Please make your own decisions when trading.