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All eyes are on whether the Canadian dollar will fall now that the BOC has kept its policy rate unchanged at 5.00%

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All eyes are on whether the Canadian dollar will fall now that the BOC has kept its policy rate at 5.00%

06.12.2023

Today's Highlights
  1. UK Construction PMI
  2. U.S. ADP Employment Figures

In U.S. currency trading yesterday, the Canadian dollar fell against the yen ahead of today’s Bank of Canada (BOC) policy rate announcement. The CAD/JPY pair dropped from 108.842 to 107.991.The decline occurred as the pair encountered resistance at the 20-period moving average (MA) on the 4-hour chart. Since the 20-MA is also acting as a resistance level on the daily chart, we need to remain vigilant to see if further declines will occur following today’s BOC decision, where the rate is expected to remain unchanged at 5.00%.

Ahead of remarks today by Bank of England Governor Bailey, the pound fell against the yen. The GBP/JPY pair dropped from 186.186 to 185.067.The price fell to just below the 200-period SMA on the 4-hour chart. On the daily chart, the price has broken below the 20-period MA and is beginning to trend downward toward the 75-period MA; therefore, we should monitor the RSI and MACD indicators closely while assessing the direction of the market.

Today’s schedule includes German manufacturing new orders at 16:00, Taiwan’s consumer price index at 17:00, the UK construction PMI at 18:30, Eurozone retail sales at 19:00, and at 20:00, the UK’sremarks by BOE Governor Bailey, at 21:00 the U.S. MBA Mortgage Applications Index and Mexico’s Consumer Price Index, at 22:15 the U.S. ADP Employment Report, at 22:30 Canada’s International Merchandise Trade, Canada’s Labor Productivity, U.S. Nonfarm Productivity, and U.S. Trade Balance,at 24:00, the Bank of Canada (BOC) policy rate and statement, and at 24:30, U.S. weekly crude oil inventories. We will be watching closely to see if the Canadian dollar will fall after the BOC keeps its policy rate unchanged at 5.00% today.

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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