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Market Participants on Alert Over the Direction of the Canadian Dollar as CPI Rises Again

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Market Participants on Alert Over the Direction of the Canadian Dollar as CPI Rises Again

16.08.2023

Today's Highlights
  1. Canada: Housing Starts
  2. Release of U.S. FOMC Minutes (July 25–26)

In U.S. currency trading yesterday, the Canadian dollar fell against the yen despite the fact that Canada’s July Consumer Price Index, released yesterday, rose to 3.3% year-over-year from the market forecast of 2.9%. The CAD/JPY pair fell from 108.277 to 107.661, dropping below the 75-period moving average on the hourly chart.From a technical perspective, the pair is trading just below the 20-period moving average (MA) on the 4-hour chart, and on the higher-time-frame daily chart, it has entered a corrective downtrend from the upper boundary of the uptrend line. Therefore, traders should be cautious of further declines in the CAD/JPY pair during U.S. trading hours.

European currencies saw the euro rise against the yen after Germany’s August ZEW Economic Sentiment Index, released yesterday, improved to -12.3 from -14.7 the previous month. The euro/yen pair rose from 158.537 to 159.329 before falling back.During today’s Asian trading session, the euro/yen pair has faced resistance at higher levels and is currently trading around 158.678. We will be watching the euro’s direction closely to see if the pullback has paused and the pair will resume its upward trend.

Today, at 15:00, the UK Consumer Price Index and UK Producer Price Index will be released; at 18:00, the Eurozone Q2 GDP and Eurozone Industrial Production figures will be released; at 20:00, the U.S. MBA Mortgage Applications Index will be released; at 21:15, Canadian Housing Starts will be released; and at 21:30, Canadianwholesale sales, and U.S. housing starts; at 21:30, Canadian wholesale sales and U.S. housing starts; at 22:15, U.S. industrial production; at 23:30, U.S. weekly crude oil inventories; at 27:00, the release of the U.S. FOMC minutes; and at 29:10, remarks by RBNZ Governor O’Hara.We need to remain highly vigilant regarding the direction of the Canadian dollar, as the CPI has risen again.

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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