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Should We Keep an Eye on the Rising Canadian Dollar?

Market Report

Should We Keep an Eye on the Rising Canadian Dollar?

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 crude oil prices. The U.S. October industrial production index, released yesterday, came in at 1.6%, compared to the market forecast of 0.7%. WTI crude oil fell slightly to $79.0.

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 p.m., the UK Consumer Price Index, UK Retail Price Index, and UK Producer Price Index will be released; at 7:00 p.m., the Eurozone Consumer Price Index; at 8:00 p.m., South African retail sales;at 9:00 PM, the U.S. MBA Mortgage Applications Index; at 10:30 PM, the Canadian Consumer Price Index, the Canadian House Price Index, U.S. Housing Starts, and U.S. Building Permits; at 11:00 PM, remarks by a member of the Bank of England’s Monetary Policy Committee; at 11:10 PM, remarks by U.S. Federal Reserve Bank of Williams:NY Fed President’s remarks; at 24:30, U.S. weekly crude oil inventories; at 25:00, remarks by U.S. Federal Reserve Governor Bowman; at 27:00, U.S. 20-year Treasury auction; and at 6:05 the following day, remarks by U.S. Chicago Fed President Evans are scheduled.We will monitor currency strength and weakness while paying close attention to the overlapping remarks by key officials during U.S. trading hours.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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