search

An incredible cashback rate!
40% of the spread!

Join Now

With the unemployment rate worsening, should we be wary of further downside potential for the Canadian dollar?

Market Report

  1. homeHOME
  2. Market Report
  3. With the unemployment rate worsening, should we be wary of further downside potential for the Canadian dollar?

With the unemployment rate worsening, should we be wary of further downside potential for the Canadian dollar?

06.11.2023

Today's Highlights
  1. Investor Sentiment Index for Europe and the Eurozone
  2. Canada-Ivey Purchasing Managers' Index

Last weekend, the Canadian dollar fell against the yen following the release of Canada’s October employment statistics on the 3rd, which showed the unemployment rate had worsened by 0.2 percentage points from the previous month’s 5.5% to 5.7%. The CAD/JPY pair fell from 109.524 to 109.004.The price fell to the 75-period moving average on the hourly chart. However, during today’s Asian trading session, the Canadian dollar has been strengthening against the yen, breaking above last weekend’s high to reach 109.649, so we should remain cautious about price movements during U.S. trading hours.

Despite the eurozone unemployment rate worsening from 6.4% to 6.5% in last weekend’s September employment statistics, the euro rose against the yen. The euro/yen pair rose from 159.592 to 160.403.It has continued to hit new highs during today’s Asian trading session, rising to 160.636. We will need to keep an eye on currency strength during European trading hours to see if the euro’s momentum continues.

Today, at 16:00, Germany’s new manufacturing orders will be released; at 17:00, the Czech Republic’s industrial production; at 17:50, France’s services PMI; at 17:55, Germany’s services PMI; at 18:00, the Eurozone’s services PMI; and at 18:30, the Eurozone’sEurozone Investor Sentiment Index and UK Services PMI at 17:30, Mexico’s Consumer Confidence Index at 21:00, Canada’s Ivey Purchasing Managers’ Index at 24:00, remarks by U.S. Federal Reserve Governor Cook at 25:00, and a U.S. 6-month Treasury bill auction at 25:30.We need to remain highly vigilant regarding the downside potential for the Canadian dollar, given that the unemployment rate has worsened from 5.5% to 5.7%.

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.

Previous Article

Will the U.S. employment report signal a clear weakening of the U.S. dollar? Caution is advised.

Next Article

With regard to currency strength, should we keep an eye on the upside potential of European currencies, which remain firm?
alert
Notification Settings
close

If you're using iOS

iOSをご利用の場合

If you're using iOS, tap the "Add/Save" icon at the bottom of Safari and select "Add to Home Screen." Once you've added it to your Home Screen, you can turn on "Receive Push Notifications" as shown above.

Click here for detailed instructions

If you're using an Android device or a PC

Android、PCをご利用の場合

If you're using an Android device or a PC, you can simply turn on "Receive push notifications" as shown above without installing the app. (If your browser asks for permission, please select "Allow.")

You can find instructions on how to add this to your smartphone's home screen below.

Click here for detailed instructions
USDJPY
XAUUSD
BTCUSD
USDJPY
XAUUSD
BTCUSD
Close
Click here for explanations of each notification
arrow Return to Notification Settings
close
Details of Each Notification
line Receive key metrics and announcements

You will receive notifications about key metrics and limited-time promotions. If you turn this feature off, you may not be able to participate in limited-time promotions.

line Received a round number notification

A feature that sends notifications when a price reaches a round number. Receiving these notifications helps traders capitalize on trading opportunities and manage risk, which is why many traders are taking notice.

polygon USDJPY

Notifications are sent for every 100 pips (1 JPY) (e.g., 1 USD = 147 JPY, 1 USD = 148 JPY, etc.). Notifications for the same exchange rate are reset after 3 days (72 hours) have passed.

polygon XAUUSD

Notifications are sent every 500 pips (50 USD) (e.g., $3,000, $3,050, etc.). Notifications for the same rate are reset after 3 days (72 hours) have passed.

polygon BTCUSD

Notifications are sent every 5,000 USD (e.g., 110,000 USD, 115,000 USD, etc.). Notifications for the same exchange rate are reset after 3 days (72 hours).

line Received notification of a sudden price fluctuation (sharp rise or fall in the exchange rate)

Receive real-time notifications of price fluctuations for USD/JPY, gold, and Bitcoin. Never miss a trading opportunity, even when you're on the go, and place orders that instantly respond to market conditions.

polygon USDJPY

You will receive a notification when there is a fluctuation of 30 pips (0.3 JPY) or more within 10 minutes (sharp rise or sharp drop). After that, notifications for sudden fluctuations under the same conditions will be suspended for 1 hour.

polygon XAUUSD

You will receive a notification when the price fluctuates by more than 20 USD within an hour (sharp rise or sharp drop). After that, notifications for sudden price fluctuations under the same conditions will be paused for 4 hours.

polygon BTCUSD

You will receive a notification when the price fluctuates by more than 2,000 USD within one hour (sharp rise or sharp drop). After that, notifications for sudden price fluctuations under the same conditions will be suspended for four hours.

Return to Notification Settings