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Markets May Keep a Close Eye on the Canadian Dollar’s Movements Following Strong Retail Sales

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Markets May Keep a Close Eye on the Canadian Dollar’s Movements Following Strong Retail Sales

25.09.2023

Today's Highlights
  1. Dallas Fed Manufacturing Activity Index
  2. Turkey: Equipment Utilization Rate

Last weekend, the Canadian dollar rose against the yen after Canada’s September retail sales figures, released on the 22nd, came in higher than expected at 0.3%, up from 0.1% the previous month. The CAD/JPY pair rose from 109.367 to 110.415.The price moved significantly toward this month’s high. However, on the daily chart, the CAD/JPY RSI is approaching 70, and the weekly RSI is at a similar level. Therefore, we should be wary of a correction during European trading hours.

European currencies saw the euro trade in a tight range against the U.S. dollar after Germany’s September PMI figures, released last weekend, showed a month-over-month recovery in both the manufacturing and services sectors.The EUR/USD pair traded within a range of 1.0614 to 1.0673, fluctuating repeatedly as it was capped by the 200-period moving average on the 4-hour chart. On the weekly chart, the pair is positioned just below the support line in the 1.06 range, so we will be watching closely to see if it breaks below that support level.

Today, at 15:00: Norway’s Credit Indicator; at 15:30: Hungary’s Total Wages; at 16:00: Turkey’s Capacity Utilization Rate and Economic Sentiment Index; at 17:00: Germany’s IFO Business Climate Index and the Philippines’ Unemployment Rate; at 19:00: UK’sCBI Retail Sales, at 21:00 UK,Remarks by ECB President Lagarde, at 11:30 p.m. U.S. Dallas Fed Manufacturing Activity Index, and at 12:30 a.m. U.S. 6-month Treasury bill auction. I intend to carefully monitor the movement of the Canadian dollar, which rose on the back of strong retail sales.

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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