Should we keep an eye on the upside potential of the Canadian dollar, which has risen on the back of an increase in housing starts?

Should we keep an eye on the upside potential of the Canadian dollar, which has risen on the back of an increase in housing starts?

19.11.2024

In yesterday’s U.S. currency trading, the Canadian dollar rebounded against the yen after Canada’s October housing starts, released yesterday, rose to 240,000 from 223,000 the previous month. The CAD/JPY pair rose from 109.252 to 110.462.It has recovered above 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, but since the pair has fallen again during today’s Asian session, we should pay close attention to the direction of the market during U.S. trading hours.

Among European currencies, the euro rose against the yen. The EUR/JPY pair climbed from 162.258 to 163.978. It has moved from below the 20-period moving average (MA) on the hourly chart to above it. On the 4-hour chart, the pair has retraced from the -3σ line of the Bollinger Bands back to the centerline, and on the daily chart, it is attempting to break above the 75-period MA. We will be watching price action during U.S. trading hours to see if the euro can maintain its upward momentum against the yen.

Today’s key economic indicators include the release of the RBA minutes at 9:30 AM, the Swiss trade balance at 4:00 PM, and the Eurozonethe EU Consumer Price Index, remarks by Bank of England Governor Bailey, remarks by Bank of England Deputy Governor Lombardelli, remarks by MPC member Mann, remarks by MPC member Taylor, the Canadian Consumer Price Index at 10:30 PM, U.S. Housing Starts, and U.S. Building Permits, and remarks by Kansas City Fed President Schmidt at 3:10 AM.We will be watching for further upside potential in the Canadian dollar, which rose on the back of an increase in Canadian housing starts.

Past Market Reports

1. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

2. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

3. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

4. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

5. 13.04.2026New

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

6. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

7. 09.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

8. 08.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

9. 07.04.2026

   Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed