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With Canadian Housing Starts Strong, All Eyes on the Direction of the Canadian Dollar

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With Canadian Housing Starts Strong, All Eyes on the Direction of the Canadian Dollar

17.10.2024

Today's Highlights
  1. Europe: Trade Balance
  2. Turkey: TCMB Central Bank Policy Rate and Statement Release

In the U.S. currency market yesterday, the Canadian dollar emerged as the strongest currency during U.S. trading hours after the September housing starts data was released, showing an increase to 223,000 from 217,000 the previous month. The CAD/JPY pair rose from 108.014 to 108.908.A band walk along the +2σ line of the hourly Bollinger Bands was observed. On the 4-hour chart, the RSI rose to 60. On the daily chart, the price is trading just below the 75-day moving average.

Among European currencies, the euro rose slightly against the yen ahead of today’s ECB policy rate announcement.The euro/yen pair rose from 162.112 to 162.879, trading above the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the pair is trading below the 20-period MA, and the RSI is trending gently downward. On the daily chart, the moving averages are clustered closely together, making it difficult to discern a clear direction; therefore, traders should pay close attention to any volatility triggered by today’s ECB announcement.

Today’s schedule includes Japan’s trade balance (customs-based) at 8:50, Australia’s employment report at 9:30, Japan’s tertiary industry activity index at 13:30, and the Eurozone’strade balance and the Eurozone Consumer Price Index, at 20:00 the Turkish Central Bank (TCMB) policy rate and statement, at 21:15 the ECB policy rate and statement, at 21:30 Canada’s international securities turnover and U.S. retail sales,U.S. Philadelphia Fed Business Outlook Index and U.S. Initial Jobless Claims; at 21:45, remarks by ECB President Lagarde; at 22:15, U.S. Industrial Production; at 23:00, U.S. Business Inventories;and at 24:00, U.S. weekly crude oil inventories are scheduled to be released. We will be watching the direction of the Canadian dollar, which rose on the back of strong Canadian housing starts data.

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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