CADJPY:ENERGY CONCERNS BOOSTS CAD
Higher commodity prices will strengthen the Canadian currency.
Oil prices have increased, and Canadian bond yields have risen further.
In addition, the Bank of Canada stated that it was prepared to act "more firmly if necessary" to return inflation to its target level.
The Bank of Canada has already raised rates by two straight half-points.
According to the Ivey Purchasing Managers Index, economic activity in Canada expanded at a higher rate in May.
Moreover, Governor of the Bank of Japan (BOJ) Haruhiko Kuroda stated on Wednesday that a rapid yen depreciation in a short period of time is undesirable.
Technically, the loony is trading above 102.522 and we expect it to meet resistance at around 106.967 and 109.827
Oil prices have increased, and Canadian bond yields have risen further.
In addition, the Bank of Canada stated that it was prepared to act "more firmly if necessary" to return inflation to its target level.
The Bank of Canada has already raised rates by two straight half-points.
According to the Ivey Purchasing Managers Index, economic activity in Canada expanded at a higher rate in May.
Moreover, Governor of the Bank of Japan (BOJ) Haruhiko Kuroda stated on Wednesday that a rapid yen depreciation in a short period of time is undesirable.
Technically, the loony is trading above 102.522 and we expect it to meet resistance at around 106.967 and 109.827