Will the Canadian dollar react to the number of existing home sales? Keep an eye on the market direction.

Will the Canadian dollar react to the number of existing home sales? Keep an eye on the market direction.

15.05.2023

Last weekend, the Canadian dollar, which moved in a similar pattern to the U.S. dollar, rose against the yen. The CAD/JPY pair rose from 99.554 to 100.226.It continues to trend upward during today’s Asian session, having risen to 100.319. From a technical perspective, the 200-period EMA on the 4-hour chart is acting as a support level, and the pair has already broken above the 20-period MA. However, since it has entered an ascending triangle—characterized by lower highs and higher lows—it is important to watch whether the pair will break out to the upside after a period of consolidation.

European currencies rose against the yen, led by the euro, which gained ground following the release of Germany’s March current account balance on Friday, showing an improvement from €22.6 billion to €32.4 billion. The euro/yen pair rose from 146.654 to 147.484.During today’s Asian trading session, it has climbed as high as 147.755. On the 4-hour chart, the EUR/JPY pair has broken out of a triple top pattern and is rising again, so we will be watching for further gains during European trading hours.

Today, at 3:00 PM, Japan’s machine tool orders; at 3:30 PM, Switzerland’s producer import prices and India’s wholesale price index; at 6:00 PM, EurozoneIndustrial Production, at 9:10 PM: Germany – remarks by Nagle, President of the German Federal Bank, at 9:15 PM: Canada – Housing Starts, at 9:30 PM: Canada – Wholesale Sales, U.S. – NY Fed Manufacturing Index, at 9:45 PM: U.S. – Bostic:Atlanta Fed President remarks; at 22:00, Canada’s Existing Home Sales; at 22:15, U.S. Kashkari: Minneapolis Fed President remarks; at 25:00, UK’s Pill MPC Member remarks; at 29:00, U.S. Foreign Investment in U.S. Securities; and at 6:00 the following day, U.S. Cook Fed Governor remarks are scheduled.I want to keep a close eye on whether the Canadian dollar reacts to the existing home sales data and what direction it takes.

Past Market Reports

1. 21.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

2. 20.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

3. 17.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

4. 16.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

5. 15.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

6. 14.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

7. 13.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

8. 10.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

9. 09.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

10. 08.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran