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Investors should keep an eye on the Canadian dollar’s movements ahead of the BOC policy rate announcement

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Investors should keep an eye on the Canadian dollar’s movements ahead of the BOC policy rate announcement

06.09.2023

Today's Highlights
  1. Remarks by Bank of England Governor Bailey
  2. Canada: BOC Policy Rate and Statement Release

In yesterday’s U.S. currency trading, the Canadian dollar strengthened alongside the U.S. dollar ahead of today’s BOC policy rate announcement. With the Japanese yen being the weakest among the Oceania currencies, the CAD/JPY pair rose from 107.449 to 108.537.It has returned to the high levels seen two months ago. From a technical perspective, the CAD/JPY pair is in an uptrend, supported on the downside by the weekly 10-day moving average (MA), and is moving higher toward the high of 110.310 set last year. We will need to carefully assess whether the Canadian dollar will continue to strengthen against the yen.

Among European currencies, the pound also rose against the yen. Despite reports released during today’s Asian trading session that Birmingham, the UK’s second-largest city, has effectively gone bankrupt, the GBP/JPY pair has avoided a significant decline. Yesterday, the GBP/JPY rose by approximately 1.5 yen, from 184.070 to 185.775.The price moved from the daily 20-day moving average toward the +2σ line of the Bollinger Bands. With key officials set to speak during today’s U.S. trading session, traders should remain vigilant regarding the pound’s price movements.

Today’s schedule includes German manufacturing new orders at 3:00 PM, UK construction PMI at 5:30 PM, Eurozone retail sales at 6:00 PM, US MBA mortgage applications index at 8:00 PM, and at 9:30 PM, Canadian international merchandise trade, Canadian Q2 labor productivity, and US trade balance.22:15 UK: Remarks by BOE Governor Bailey, 22:45 US: PMI Purchasing Managers' Index, 23:00 Canada: BOC Policy Rate and Statement, US: ISM Non-Manufacturing PMI, and 27:00 US: Beige Book. I plan to closely monitor the movement of the Canadian dollar ahead of the BOC policy rate announcement.

桜井 慶介

Author: Keisuke Sakurai

I have over 10 years of experience in FX trading. In the financial sector, I have focused primarily on foreign exchange trading and have also worked as an investment advisor. Drawing on my extensive experience, I specialize in technical and fundamental analysis.

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