The Japanese Yen (JPY) is strong, up 0.7% against the US Dollar (USD) and outperforming all of the G10 currencies as we head into Tuesday’s NA session, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
USD/CAD trades around 1.3800 during the European hours on Tuesday, extending its losses for the second consecutive day. The technical analysis of the daily chart suggests that the pair consolidates within an ascending channel pattern, indicating that market bias is bullish.
USD/JPY whipsawed on Monday, driven into fresh volatility by the surprise resignation of Japanese Prime Minister Shigeru Ishiba.