Attention may turn to Canadian economic indicators released during U.S. trading hours

Attention may turn to Canadian economic indicators released during U.S. trading hours

18.09.2023

Last weekend, the Canadian dollar rose against the yen ahead of today’s U.S. economic data releases. The CAD/JPY pair climbed from 109.028 to 109.486, moving in line with the 20-period moving average on the hourly chart. However, trading began with a 10-pip gap down today at the start of the week, and resistance has remained strong during Asian trading hours.On the higher timeframe daily chart, we have seen six consecutive bullish candles, so while we should consider the possibility of a corrective pullback, we should prepare for today’s economic data release.

Despite the seasonally adjusted European trade balance for July, released on the 15th, falling to €2.9 billion from €12.5 billion the previous month, the euro rebounded against the U.S. dollar.The EUR/USD pair rose from 1.0633 to 1.0687. The band walk along the -3σ line of the hourly Bollinger Bands has ended, and the price has recovered to the centerline. However, on the higher timeframe (4-hour chart), the price remains below the 20-day moving average (MA), so we should exercise caution in determining the direction until the price closes above the 20-MA.

Today, at 4:00 PM, the Czech Republic’s Producer Price Index; at 8:00 PM, Brazil’s IGP-10 Inflation Index; at 8:30 PM, Turkey’s Housing Price Index; at 9:00 PM, the Philippines’ Consumer Price Index and Mexico’s Total Demand;at 9:15 PM, Canada’s Housing Starts; at 9:30 PM, Canada’s Producer Price Index, Industrial Production, and Raw Material Prices; at 11:00 PM, the U.S. NAHB Housing Market Index; and at 12:30 AM, the U.S. 6-month Treasury bill auction.This week is packed with major events, including the U.S. FOMC meeting and the Bank of Japan’s Monetary Policy Meeting. First, I want to carefully assess the relative strength and weakness of various currencies.

Past Market Reports

1. 21.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

2. 20.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

3. 17.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

4. 16.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

5. 15.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

6. 14.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

7. 13.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

8. 10.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

9. 09.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

10. 08.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran