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Attention May Turn to Canadian Economic Indicators Scheduled for Release During U.S. Trading Hours

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Attention May Turn to Canadian Economic Indicators Scheduled for Release During U.S. Trading Hours

18.09.2023

Today's Highlights
  1. Canada: Housing Starts
  2. U.S. NAHB Housing Market Index

In U.S. currency markets last weekend, the Canadian dollar rose against the yen ahead of today’s economic data release (U.S. time). The CAD/JPY pair rose from 109.028 to 109.486.The rise followed the 20-period moving average (MA) on the hourly chart. However, trading began today—the start of the week—with a downward gap of 10 pips, and resistance has remained strong during Asian trading hours. Since the daily chart has shown six consecutive bullish candles, we should prepare for today’s economic data release while considering the possibility of a corrective pullback.

European currencies saw the euro rebound against the U.S. dollar, despite the seasonally adjusted European trade balance for July—released on the 15th—declining to 2.9 billion euros from 12.5 billion euros the previous month. The euro/dollar exchange rate 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-time-frame 4-hour chart, the price remains below the 20-period moving average (MA), so we should exercise caution in assessing the direction until the price closes above the 20-MA.

Today, at 16:00, the Czech Republic’s Producer Price Index; at 20:00, Brazil’s IGP-10 Inflation Index; at 20:30, Turkey’s Housing Price Index; at 21:00, 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.

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 with a particular focus on foreign exchange markets, and he also has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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