Attention Turns to the Canadian Dollar’s Resilience Following a Decline Caused by Weak Employment Data
11.11.2024
- Publication of Key Opinions from the Bank of Japan’s Monetary Policy Meeting
- Turkey: Unemployment Rate
Last weekend, the Canadian dollar fell against the yen following the release of Canada’s October employment report on Friday, the 8th. While the unemployment rate remained unchanged from the previous month at 6.5%, the number of employed persons fell sharply from the previous reading of 46,700 to 14,500.The CAD/JPY pair fell from 110.524 to 109.498. The price broke below the 200-period SMA on the hourly chart with a real body candle. On the 4-hour chart, it has already fallen below the 75-period MA support line.
Among European currencies, the euro weakened against the U.S. dollar.The euro-dollar pair fell from 1.0805 to 1.0688. The price dropped to the -3σ level of the hourly Bollinger Bands. On the 4-hour chart, after rebounding to the 20-period moving average (MA), the pair has returned to a downward trend, and on the daily chart, the downtrend continues as the price faces resistance at the 10-period MA.
Today’s economic indicators include Japan’s trade balance and current account balance at 8:50, the release of key opinions from the Bank of Japan’s Monetary Policy Meeting at 8:50, Japan’s Economic Watchers Survey at 14:00, Sweden’s Expected Price Trends at 14:30,at 16:00, Norway’s Consumer Price Index, Turkey’s Industrial Production, and Turkey’s Unemployment Rate; at 17:00, the Czech Republic’s Consumer Price Index; and at 21:00, Mexico’s Industrial Production. We will be watching for signs of recovery in the Canadian dollar, which fell following the release of weaker-than-expected Canadian employment data.
Author: Keisuke Sakurai
