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Should we keep a close eye on the upside potential of the Canadian dollar, which has become the strongest currency, driven by the U.S. dollar?

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Should we keep a close eye on the upside potential of the Canadian dollar, which has become the strongest currency in the wake of the U.S. dollar’s rise?

11.12.2023

Today's Highlights
  1. Turkey: Industrial Production
  2. U.S. Employment Trends Index

Last weekend, despite the Canadian third-quarter capacity utilization rate—released on the 8th—falling to 79.7% from the previous reading of 81.4%, the Canadian dollar emerged as the strongest currency during U.S. trading hours. The CAD/JPY pair rose from 104.883 to 106.861.On the 4-hour Bollinger Bands chart, the price retreated toward the 20-MA centerline after expanding to the -3σ level. As the pair has maintained its upward momentum in early Asian trading today, we will be watching the CAD/JPY price action as it moves into European trading hours.

European currencies saw the euro rise slightly against the yen after the final figures for Germany’s November Consumer Price Index (CPI), released on the 8th, came in at 3.2% year-over-year—matching the previous month’s figure.The euro/yen pair rose from 153.871 to 156.070. The downtrend on the hourly chart has paused, and the pair has broken above the 20-period moving average (MA). We will be closely monitoring price movements leading up to the ECB meeting this Thursday to see if the euro continues to rise against the yen.

Today, during Asian trading hours, Malaysia’s industrial production will be released at 13:00, followed by Sweden’s expected price trends at 14:30; during European trading hours, Norway’s consumer price index, Turkey’s current account balance, Turkey’s industrial production, and Turkey’s unemployment rate will be released at 16:00;at 17:00, the Czech Republic’s Consumer Price Index; at 24:00 during U.S. trading hours, the U.S. Employment Trends Index; at 25:30, the U.S. 6-month Treasury bill auction; at 27:00, the U.S. 10-year Treasury note auction; and at 7:20 the following day, remarks by the RBA Governor in Australia.I want to carefully assess the upside potential of the Canadian dollar, which has become the strongest currency, driven by the U.S. dollar.

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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