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Will the Canadian dollar react to used home sales figures? Keep an eye on the trend.

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Will the Canadian dollar react to used home sales figures? Keep an eye on the trend.

15.05.2023

Today's Highlights
  1. Kashkari (U.S.): Remarks by the President of the Minneapolis Federal Reserve Bank
  2. Canada: Number of Used Home Sales

Last weekend, the Canadian dollar, which followed a price trend similar to that of the U.S. dollar, rose against the yen. The CAD/JPY pair rose from 99.554 to 100.226. It continues to trend higher during today’s Asian trading session, having risen to 100.319.From a technical perspective, the 200 EMA on the 4-hour chart is acting as a support level for the CAD/JPY pair, which has already broken above the 20 MA. However, since the pair has entered an ascending triangle—characterized by lower highs and higher lows—it is important to monitor whether it 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 last Friday—which improved from 22.6 billion euros to 32.4 billion euros. 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’s schedule includes: Japan’s machine tool orders at 15:00; Switzerland’s producer import prices and India’s wholesale price index at 15:30; Eurozone industrial production at 18:00; remarks by Nagel, President of the German Federal Bank, at 21:10; and Canada’shousing starts, at 21:30: Canada’s wholesale sales and the U.S. New York Fed Manufacturing Index, at 21:45: U.S. remarks by Bostic, President of the Atlanta Fed, at 22:00: Canada’s existing home sales, at 22:15: U.S. remarks by Kashkari,Minneapolis Fed President, at 25:00 UK MPC Member Pill’s remarks, at 29:00 US Foreign Investment in US Securities, and at 6:00 the following day US Federal Reserve Governor Cook’s remarks.I’ll be keeping a close eye on the direction of the Canadian dollar to see if the existing home sales data triggers any movement.

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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