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

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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, with price action straddling the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the 200-period simple moving average (SMA) is acting as support, and on the daily chart, the pair has rebounded from the 75-period MA; therefore, we will be watching for potential upside in the Canadian dollar during European trading hours.

European currencies rose, with the euro gaining against the yen after yesterday’s release of March retail sales data for the eurozone showed a year-over-year improvement to +0.7% from the previous month’s -0.7%.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, the price is 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 16:30 Sweden’s policy rate and statement, at 17:00 Taiwan’s trade balance, at 20:00 the U.S. MBA Mortgage Applications Index, at 21:00 Brazil’s retail sales, at 23:00 U.S. wholesale inventories,11:30 PM: U.S. weekly crude oil inventories; 12:00 AM: Remarks by U.S. Federal Reserve Vice Chair Jefferson; 12:45 AM: U.S. Federal Reserve Governor Collins:Boston Fed President, 26:00 U.S. 10-Year Treasury Auction, and 26:30 U.S. Fed Governor Cook’s remarks are scheduled. I intend to carefully monitor the upside potential of the firm 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. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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