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Should We Keep an Eye on the Canadian Dollar's Movements Ahead of the BOC Policy Rate Announcement?

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Should We 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, ahead of today’s BOC policy rate announcement, the Canadian dollar strengthened alongside the U.S. dollar. With the Japanese yen being the second-weakest among Oceania currencies, the CAD/JPY pair rose from 107.449 to 108.537.It has rebounded to levels last 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 (10MA), and is moving higher toward last year’s high of 110.310. 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. However, despite reports released during today’s Asian trading session that Birmingham, the UK’s second-largest city, had effectively gone bankrupt, the GBP/JPY pair has avoided a significant decline. Yesterday, the GBP/JPY pair 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 level of the Bollinger Bands. With key officials’ remarks scheduled for 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 15:00, the UK construction PMI at 17:30, Eurozone retail sales at 18:00, the U.S. MBA mortgage applications index at 20:00, Canada’s international merchandise trade and Q2 labor productivity at 21:30,U.S. trade balance, at 22:15: remarks by Bank of England Governor Bailey, at 22:45: U.S. PMI, at 23:00: the Bank of Canada’s policy rate decision and statement, U.S. ISM Non-Manufacturing Index, and at 27:00: the U.S. Beige Book.I want to closely monitor the Canadian dollar’s price movements ahead of the BOC policy rate announcement.

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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Market participants are likely to keep a close eye on the euro’s movement against the yen, as resistance levels are becoming stronger.
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