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Should We Be Wary of Further Downside Potential for the Canadian Dollar as the Unemployment Rate Worsens?

Market Report

Should We Be Wary of Further Downside Potential for the Canadian Dollar as the Unemployment Rate Worsens?

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; therefore, traders should remain cautious regarding 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. It remains to be seen whether the euro’s momentum will continue; we should keep a close eye on currency strength and weakness during European trading hours.

Today’s schedule includes German manufacturing new orders at 16:00, Czech industrial production at 17:00, the French services PMI at 17:50, the German services PMI at 17:55, the Eurozone services PMI at 18:00, and the EurozoneEurozone Investor Sentiment Index and UK Services PMI at 18:30, 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.

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