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All Eyes on the Canadian Dollar’s Resilience Following a Drop Caused by Lower Canadian CPI

Market Report

All Eyes on the Canadian Dollar’s Resilience Following a Drop Caused by Lower Canadian CPI

22.05.2024

Today's Highlights
  1. Goolsbee (U.S.): Remarks by the President of the Chicago Fed
  2. U.S. MBA Mortgage Applications Index

In U.S. currency trading the previous day, following the release of Canada’s April Consumer Price Index (CPI)—which showed a year-over-year decline of 0.2 percentage points from the previous month’s 2.9% to 2.7%—the Canadian dollar fell against the yen immediately after the data was released. The CAD/JPY pair dropped from 114.829 to 114.150.The price fell to just below the 200-period simple moving average (SMA) on the hourly chart. On the 4-hour chart, the price briefly dipped below the 20-period moving average (MA), while on the daily chart it is finding support at the 10-period MA; therefore, we should watch for any recovery during U.S. trading hours.

European currencies fell against the yen as Germany’s April Producer Price Index (PPI), released yesterday, showed a year-over-year decline of 3.3%, worsening from the previous month’s 2.9% decline.The euro/yen pair fell from 169.939 to 169.218, breaking below the 75-period moving average (MA) on the hourly chart. However, the 20-period MA is providing support on the 4-hour chart, and the daily chart shows the price rising to new highs despite occasional corrections; therefore, we will be closely monitoring the pair’s potential for recovery during European trading hours.

Today, Japan’s trade balance will be released at 8:50, the RBNZ policy rate and statement will be announced at 11:00, and the UK’s Consumer Price Index, Producer Price Index, and retail sales figures will be released at 15:00,at 5:00 PM, South Africa’s Consumer Price Index; at 5:05 PM, remarks by ECB President Lagarde; at 8:00 PM, the U.S. MBA Mortgage Applications Index; at 9:45 PM, remarks by BOE Deputy Governor Breeden; at 10:40 PM, remarks by U.S. Federal Reserve’s Goolsbee:President of the Chicago Fed, at 23:00: U.S. Existing Home Sales, at 23:30: U.S. Weekly Crude Oil Inventories, at 26:00: U.S. 20-Year Treasury Auction, and at 27:00: Release of the U.S. FOMC Minutes.We want to carefully assess the resilience of the Canadian dollar, which fell following the decline in Canada’s CPI.

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.

Previous Article

Should We Keep an Eye on the Upside Potential of the USD/JPY, Which Has Returned to the 156-yen Range?

Next Article

All eyes are on whether the U.S. dollar, which rose following the release of the FOMC minutes, will continue its upward trend
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