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Should we keep an eye on the Canadian dollar’s rise amid signs of strength?

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Should we keep an eye on the Canadian dollar’s rise amid signs of strength?

17.11.2021

Today's Highlights
  1. U.S. MBA Mortgage Applications Index
  2. Canada: Housing Price Index

Yesterday, the three major U.S. stock indices all extended their gains, creating a risk-on sentiment characterized by rising stock prices, higher interest rates, and lower oil prices. The U.S. October industrial production index, released yesterday, came in at 1.6%, exceeding the market forecast of 0.7%. WTI crude oil fell slightly to $79.00.

In line with the rise in the U.S. dollar, the Canadian dollar has maintained its momentum, with the CAD/JPY pair climbing from 91.06 to 91.48. Meanwhile, the USD/CAD pair has also risen from 1.249 to 1.256, shifting from a corrective decline on the daily chart to a rebound. We will need to carefully assess whether this upward trend will continue, while monitoring the strength of the U.S. dollar.

Today, at 4:00 PM: UK Consumer Price Index, UK Retail Price Index, UK Producer Price Index; at 7:00 PM: Eurozone Consumer Price Index; at 8:00 PM: South Africa Retail Sales; at 9:00 PM: US MBA Mortgage Applications Index; at 10:30 PM: Canada Consumer Price Index, Canada House Price Index, US Housing Starts, US Building Permits;at 11:00 PM UK MPC Member remarks, at 11:10 PM US Williams (President of the New York Fed) remarks, at 12:30 AM US weekly crude oil inventories, at 1:00 AM US Bowman (Federal Reserve Board Member) remarks, at 3:00 AM US 20-year Treasury auction, and at 6:05 AM the following day US Evans (President of the Chicago Fed) remarks are scheduled.We will monitor currency strength and weakness while paying close attention to the overlapping remarks from key figures during U.S. trading hours.

桜井 慶介

Author: Keisuke Sakurai

I have over 10 years of experience in FX trading. In the financial sector, I have focused primarily on foreign exchange trading and have also worked as an investment advisor. Drawing on my extensive experience, I specialize in technical and fundamental analysis.

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