Attention is turning to the Canadian dollar’s ability to recover following the decline caused by the weak employment data

Attention is turning to the Canadian dollar’s ability to recover following the decline caused by the weak employment data

11.11.2024

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 dropped sharply from 46,700 to 14,500. The CAD/JPY pair fell from 110.524 to 109.498 and broke below the 200-period 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, 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 a.m.,the release of key opinions from the BOJ Policy Board meeting 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 and Turkey’s Industrial Production and 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.

Past Market Reports

1. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

2. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

3. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

4. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

5. 13.04.2026New

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

6. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

7. 09.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

8. 08.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

9. 07.04.2026

   Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed