Self-regulated learning is an essential skill that can help students plan, monitor, and reflect on their learning in order to achieve their learning goals. However, in situations where there is a lack of effective feedback and recommendations, it becomes challenging for students to self-regulate their learning. In this paper, we propose an explainable AI-based approach to provide automatic and intelligent feedback and recommendations that can support the self-regulation of students' learning in a data-driven manner, with the aim of improving their performance on their courses. Prior studies have predicted students' performance and have used these predicted outcomes as feedback, without explaining the reasons behind the predictions. Our proposed approach is based on an algorithm that explains the root causes behind a decline in student performance, and generates data-driven recommendations for taking appropriate actions. The proposed approach was implemented in the form of a dashboard to support self-regulation by students on a university course, and was evaluated to determine its effects on the students' academic performance. The results revealed that the dashboard significantly enhanced students' learning achievements and improved their self-regulated learning skills. Furthermore, it was found that the recommendations generated by the proposed approach positively affected students' performance and assisted them in self-regulation