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Should We Keep an Eye on the Upside Potential of the Resilient Canadian Dollar?

Market Report

Should We Keep an Eye on the Upside Potential of the Resilient Canadian Dollar?

08.05.2024

Today's Highlights
  1. Philippines: Trade Balance
  2. U.S. Weekly Petroleum Inventories

In U.S. currency trading the previous day, the Canadian dollar fluctuated against the yen after the Canadian Ivey Purchasing Managers’ Index for April, released yesterday, rose to 63.0 from 57.5 the previous month.The CAD/JPY pair traded between 112.502 and 113.072, fluctuating around the 20-period moving average (MA) on the hourly chart. With the 200-period simple moving average (SMA) acting as support on the 4-hour chart and a rebound from the 75-period MA on the daily chart, we will be watching for potential upside in the Canadian dollar during European trading hours.

European currencies rose against the yen as the euro gained ground following yesterday’s release of March retail sales data for the eurozone, which showed a year-over-year improvement from the previous month’s 0.7% decline to a 0.7% increase.The euro/yen pair rose from 165.521 to 166.568. The rise followed the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, prices are rising along the 10-period MA, and on the daily chart, a “perfect order” has formed from the 200-period simple moving average (SMA) down to the 20-period MA.

Today, at 10:00, the Philippines will release its trade balance; at 15:00, Germany will releaseIndustrial Production at 3:30 p.m., Sweden’s policy rate and statement at 4:30 p.m., Taiwan’s trade balance at 5:00 p.m., the U.S. MBA Mortgage Applications Index at 8:00 p.m., Brazil’s retail sales at 9:00 p.m., U.S. wholesale inventories at 11:00 p.m.,at 11:30 PM, U.S. weekly crude oil inventories; at 12:00 AM, remarks by U.S. Federal Reserve Vice Chair Jefferson; at 12:45 AM, remarks by U.S. Federal Reserve Governor Collins:Boston Fed President, 2:00 AM: U.S. 10-Year Treasury Auction, and 2:30 AM: Remarks by U.S. Federal Reserve Governor Cook. I intend to carefully monitor the upside potential of the resilient Canadian 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 focused primarily on foreign exchange markets and has experience as an asset management advisor. He specializes in technical and fundamental analysis, drawing on his extensive experience.

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