search
Install Now

An incredible cashback rate!
40% of the spread!

Join Now

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

Market Report

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 release of Canada’s July Consumer Price Index, which showed a year-over-year increase of 3.3%, up 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 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 a renewed upward trend will emerge.

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 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.

Previous Article

Should We Be Wary of the Upside Potential for GBP/JPY, Which Has Hit a New Year-to-Date High?

Next Article

Will the market wait and see how much further the USD/JPY pair can rise after reaching 146 yen last November?
alert
Notification Settings
close

If you're using iOS

iOSをご利用の場合

If you're using iOS, tap the "Add/Save" icon at the bottom of Safari and select "Add to Home Screen." Once you've added it to your Home Screen, you can turn on "Receive Push Notifications" as shown above.

Click here for detailed instructions

If you're using an Android device or a PC

Android、PCをご利用の場合

If you're using an Android device or a PC, you can simply turn on "Receive push notifications" as shown above without installing the app. (If your browser asks for permission, please select "Allow.")

You can find instructions on how to add this to your smartphone's home screen below.

Click here for detailed instructions
USDJPY
XAUUSD
BTCUSD
USDJPY
XAUUSD
BTCUSD
Close
Click here for explanations of each notification
arrow Return to Notification Settings
close
Details of Each Notification
line Receive key metrics and announcements

You will receive notifications about key metrics and limited-time promotions. If you turn this feature off, you may not be able to participate in limited-time promotions.

line Received a round number notification

A feature that sends notifications when a price reaches a round number. Receiving these notifications helps traders capitalize on trading opportunities and manage risk, which is why many traders are paying close attention to this feature.

polygon USDJPY

Notifications are sent for every 100 pips (1 JPY) (e.g., 1 USD = 147 JPY, 1 USD = 148 JPY, etc.). Notifications for the same exchange rate are reset after 3 days (72 hours) have passed.

polygon XAUUSD

Notifications are sent every 500 pips (50 USD) (e.g., $3,000, $3,050, etc.). Notifications for the same rate are reset after 3 days (72 hours) have passed.

polygon BTCUSD

Notifications are sent for every 5,000 USD (e.g., 110,000 USD, 115,000 USD, etc.). Notifications for the same rate are reset after 3 days (72 hours) have passed.

line Received notification of a sudden price fluctuation (sharp rise or fall in the exchange rate)

Receive real-time notifications of price fluctuations for USD/JPY, gold, and Bitcoin. Never miss a trading opportunity, even when you're on the go, and place orders that instantly respond to market conditions.

polygon USDJPY

You will receive a notification when there is a fluctuation of 30 pips (0.3 JPY) or more within 10 minutes (sharp rise or sharp drop). After that, notifications for sudden fluctuations under the same conditions will be suspended for 1 hour.

polygon XAUUSD

You will receive a notification when the price fluctuates by more than 20 USD within one hour (sharp rise or sharp drop). After that, notifications for sudden price fluctuations under the same conditions will be paused for four hours.

polygon BTCUSD

You will receive a notification when the price fluctuates by more than 2,000 USD within an hour (sharp rise or sharp drop). After that, notifications for sudden price fluctuations under the same conditions will be suspended for 4 hours.

Return to Notification Settings