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Will the BOC’s policy rate announcement signal a change in direction, or should we wait and see how the Canadian dollar performs?

Market Report

Will the BOC’s policy rate announcement signal a change in direction, or should we wait and see how the Canadian dollar performs?

11.12.2024

Today's Highlights
  1. U.S. MBA Mortgage Applications Index
  2. U.S. Consumer Price Index

In yesterday’s U.S. currency trading, the Canadian dollar rose against the yen ahead of today’s Bank of Canada (BOC) policy rate announcement. The CAD/JPY pair rose from 106.446 to 107.438. The price moved from the -2σ to the +2σ levels of the hourly Bollinger Bands.On the 4-hour chart, the price has recovered to last week’s high, and on the daily chart, it is currently attempting to break above the 10-day moving average (10MA) resistance line.

European currencies fell as the euro weakened against the U.S. dollar after the final figures for Germany’s November consumer price index, released yesterday, showed a year-over-year increase of 2.2%, unchanged from the previous month. The euro fell against the U.S. dollar from 1.0568 to 1.0498.The decline occurred as the pair encountered resistance at the 20-day moving average on the daily chart. On the weekly chart, the RSI had rebounded from the 30 level but is now trending downward again.

Today, at 8:00, South Korea’sEmployment Statistics at 8:00, Japan’s Business Sentiment Index (BSI) and Domestic Corporate Goods Price Index at 8:50, remarks by RBA Deputy Governor Hauser at 16:00, South Africa’s Consumer Price Index at 17:00, South Africa’s Retail Sales at 20:00, India’smoney supply, at 9:00 PM the U.S. MBA Mortgage Applications Index, at 10:30 PM the U.S. Consumer Price Index, at 11:45 PM the Canadian BOC policy rate and statement, at 12:30 AM the remarks by Canadian BOC Governor McClem, and U.S. weekly crude oil inventories.I’d like to keep a close eye on the Canadian dollar to see if the BOC policy rate announcement brings any change in market direction.

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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