In the Tokyo market, news that Israel may be planning to attack Iran’s nuclear facilities caused investors to avoid risk. As a result, people bought the safe Japanese yen, and CAD/JPY dropped to 103.35 yen.
In the European market, oil prices went up, so the Canadian dollar also became stronger, and CAD/JPY rose to 103.79 yen.
Later, oil prices started to fall again because oil stockpiles increased. But CAD/JPY stayed stable and did not fall much.
Also, Canada’s April inflation data was higher than expected. Because of this, people think there may be no more interest rate cuts in Canada, which helped support the Canadian dollar.
However, there are still worries about trade problems between Canada’s new government under Prime Minister Carney and U.S. President Trump. Because of this, CAD/JPY may not go much higher.
CAD/JPY Expected Range:103.10 yen – 104.00 yen
Note: The above is not a guarantee of profit. Please make your own decisions when trading.