CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Forex Seasonality – March 2024: USD/JPY Gains, USD/CAD Falls in March

Article By: ,  Head of Market Research

March Forex Seasonality Key Points

  • EUR/USD and GBP/USD tend to see relatively small moves in March.
  • USD/JPY’s historical performance points to the potential for more strength in the coming month.
  • USD/CAD’s strong start to 2024 could come under pressure based on the historical seasonality.

The beginning of a new month marks a good opportunity to review the seasonal patterns that have influenced the forex market over the 50+ years since the Bretton Woods system was dismantled in 1971, ushering in the modern foreign exchange market.

As always, these seasonal tendencies are just historical averages, and any individual month or year may vary from the historic average, so it’s important to complement these seasonal leans with alternative forms of analysis to create a long-term successful trading strategy.

Euro Forex Seasonality – EUR/USD Chart

Source: TradingView, StoneX

March has historically been a quiet – indeed the quietest! – month of the year for EUR/USD, with the world’s most widely-traded currency pair eking out an average gain of just 0.02% since 1971. Volatility has already been subdued for the pair, so hopefully for most traders, EUR/USD can buck the historical trend over the next month.

British Pound Forex Seasonality – GBP/USD Chart

Source: TradingView, StoneX

As the above chart shows, GBP/USD has historically risen slightly (+0.18%) in March. The third month is the strongest of the year so far, using average data since 1971, but only the 5th strongest of the 12 months across the entire year.

Japanese Yen Forex Seasonality – USD/JPY Chart

Source: TradingView, StoneX

USD/JPY saw a strong start to 2024, and based on history, those gains could continue into March. Since 1971, the trans-Pacific pairing has gained 0.13% on average, its 3rd strongest month across the sample.

Australian Dollar Forex Seasonality – AUD/USD Chart

Source: TradingView, StoneX

AUD/USD fell in both of the first two months of the year, and the long-term seasonal tendencies hints that another drop may be in store. AUD/USD has historically fallen an average of 0.07% during March before getting its bullish mojo back in April.

Canadian Dollar Forex Seasonality – USD/CAD Chart

Source: TradingView, StoneX

Last but not least, USD/CAD may seem some tougher sledding in March after a solid start to the year. As the chart above shows, USD/CAD has historically fell in March, losing 0.05% on average since 1971, it’s second-worst performance of any month across the year.

-- Written by Matt Weller, Global Head of Research

Follow Matt on Twitter: @MWellerFX

StoneX Financial Ltd (trading as "FOREX.com") is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, FOREX.com does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date.


This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it. No opinion given in this material constitutes a recommendation by FOREX.com or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.


The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although FOREX.com is not specifically prevented from dealing before providing this material, FOREX.com does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. For further details see our full non-independent research disclaimer and quarterly summary.


CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

FOREX.com is a trading name of StoneX Financial Ltd. StoneX Financial Ltd is a company incorporated in England and Wales with UK Companies House number 05616586 and with its registered office at 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is authorised and regulated by the Financial Conduct Authority in the UK, with FCA Register Number: 446717.

FOREX.com is a trademark of StoneX Financial Ltd. This website uses cookies to provide you with the very best experience and to know you better. By visiting our website with your browser set to allow cookies, you consent to our use of cookies as described in our Privacy Policy. FOREX.com products and services are not intended for Belgium residents.

© FOREX.COM 2025