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Should We Keep an Eye on the Canadian Dollar’s Upside Potential Following the Rise in Housing Starts?

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Should We Keep an Eye on the Canadian Dollar’s Upside Potential Following an Increase in Housing Starts in Canada?

19.11.2024

Today's Highlights
  1. Number of Building Permits in the U.S.
  2. Schmidt (U.S.): Remarks by the President of the Kansas City Federal Reserve Bank

In U.S. currency trading yesterday, 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; however, since the pair has been falling again during today’s Asian session, traders 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 euro/yen pair rose from 162.258 to 163.978. It 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 Bollinger Band to the centerline, and on the daily chart, it is attempting to reach a new high just below the 75-day moving average. 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 economic indicators include the release of the RBA minutes at 9:30, the Swiss trade balance at 16:00, the Eurozone Consumer Price Index at 19:00, remarks by BOE Governor Bailey, remarks by BOE Deputy Governor Lombardelli,remarks by MPC member Mann (UK), remarks by MPC member Taylor (UK), the Canadian Consumer Price Index at 22:30, U.S. Housing Starts, and U.S. Building Permits, and remarks by Kansas City Fed President Schmidt at 27:10.We will be watching for further upside potential in the Canadian dollar, which rose on the back of an increase in Canadian housing starts.

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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