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Should We Keep an Eye on the Upside Potential of the Canadian Dollar, Which Is Rising Second Only to Oceania Currencies?

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Should We Keep an Eye on the Upside Potential of the Canadian Dollar, Which Is Rising Second Only to Oceania Currencies?

10.10.2023

Today's Highlights
  1. U.S. NFIB Small Business Optimism Index
  2. Kashkari (U.S.): Remarks by the President of the Minneapolis Fed

In the U.S. currency market the previous day, the Canadian dollar rose, showing strength second only to the Oceania currencies. The USD/CAD pair fell from 1.3678 to 1.3580, marking a decline of just under 100 pips.From a technical perspective, USD/CAD has paused after falling just below the 200-period simple moving average (SMA) on the 4-hour chart, and on the daily chart, it is positioned just below the 20-period moving average (MA). We will closely monitor whether the U.S. dollar continues to weaken against the Canadian dollar.

European currencies saw the euro fall against the yen, despite yesterday’s release of Germany’s August industrial production figures, which showed an improvement year-over-year from the previous month’s -2.1% to -2.0%. The euro/yen pair fell from 157.698 to 156.515.The pair lost the temporary advantage it had gained by trading above the daily 20-day moving average (MA) and fell back below it. However, with the daily 75-day MA acting as support just below, we should exercise caution in assessing whether the euro will continue to weaken against the yen.

Today’s economic indicators include Norway’s Consumer Price Index at 15:00, Sweden’s Industrial Production and GDP at 15:00, Hungary’s Consumer Price Index at 15:30, Turkey’s Employment Statistics and Industrial Production at 16:00, the U.S. NFIB Small Business Optimism Index at 19:00,at 22:30, remarks by Bostic, President of the Atlanta Fed; at 23:00, U.S. wholesale inventories; at 26:00, a U.S. 3-year Treasury auction; at 26:30, remarks by Fed Governor Waller; and at 28:00, remarks by Kashkari,Speech by Kashkari, President of the Minneapolis Fed. We will cautiously monitor the upside potential of the Canadian dollar, which is rising second only to Oceania 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 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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