Should we keep an eye on the upside potential of the Canadian dollar, which is rising after the Oceania currencies?

Should we keep an eye on the upside potential of the Canadian dollar, which is rising after the Oceania currencies?

10.10.2023

In the previous day’s U.S. currency trading, the Canadian dollar rose, showing strength second only to the Oceania currencies.USD/CAD fell from 1.3678 to 1.3580, marking a decline of just under 100 pips. Technically, USD/CAD has paused after falling just below the 200-period SMA on the 4-hour chart and is currently positioned just below the 20-period MA on the daily chart. We will closely monitor whether the US dollar continues to weaken against the Canadian dollar.

Despite the improvement in Germany’s August industrial production, which was released yesterday—showing a year-on-year decline of 2.0% compared to the previous month’s 2.1% drop—the euro fell against the yen.The EUR/JPY pair fell from 157.698 to 156.515. It lost the advantage it had temporarily held above the daily 20-day moving average (MA) and fell back below it. However, with the daily 75-day MA waiting as support just below, we should exercise caution in judging whether the euro will continue to weaken against the yen.

Today’s economic indicators include Norway’s Consumer Price Index at 3:00 PM, Sweden’s Industrial Production and GDP at 3:30 PM, Hungary’s Consumer Price Index at 4:00 PM, Turkey’s Employment Statistics and Industrial Production at 6:00 PM, the U.S. NFIB Small Business Optimism Index at 7:00 PM, and at 10:30 PM, remarks by Bostic, President of the Atlanta Fed:Remarks by Bostic, President of the Atlanta Fed; at 23:00, U.S. Wholesale Inventories; at 26:00, U.S. 3-Year Treasury Auction; at 26:30, Remarks by Waller, Member of the FOMC; and at 28:00, Remarks by Kashkari, President of the Minneapolis Fed. We will closely monitor the upside potential of the Canadian dollar, which is rising alongside Oceania 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