Attention is turning to whether the Canadian dollar can recover after falling on the back of weak employment data
11.11.2024
- Release of Key Views from the BOJ Policy Board 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 new jobs fell sharply from 46,700 to 14,500. The CAD/JPY pair dropped from 110.524 to 109.498 and broke below the 200-period simple moving average (SMA) on the hourly chart.On the 4-hour chart, the price has already fallen below the 75-MA support line.
Among European currencies, the euro weakened against the U.S. dollar. The EUR/USD 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, the pair rebounded to the 20-period moving average (MA) before resuming its 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 a.m.,Japan’s BOJ Monetary Policy Meeting Key Opinions at 8:50 AM, the Japan Economic Watchers Survey at 2:00 PM, Sweden’s Expected Price Trends at 2:30 PM, Norway’s Consumer Price Index, Turkey’s Industrial Production, and Turkey’s Unemployment Rate at 4:00 PM, the Czech Republic’s Consumer Price Index at 5:00 PM, and Mexico’s Industrial Production at 9:00 PM.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
