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Despite Weaker Canadian Employment Data, Market Watches Upside Potential for the Canadian Dollar Against the Yen

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Despite Weak Canadian Employment Data, Market Watchers Eye Upside Potential for the Canadian Dollar Against the Yen

12.01.2026

Today's Highlights
  1. U.S. - Birkin: Remarks by the President of the Richmond Federal Reserve Bank
  2. Bostic (U.S.): Remarks by the President of the Atlanta Federal Reserve Bank

In the U.S. currency markets last weekend, the Canadian dollar rose against the yen despite the December Canadian employment report released on the 9th showing that the unemployment rate had worsened by 0.3 percentage points from the previous month’s 6.5% to 6.8%. The CAD/JPY pair rose from 113.023 to 113.849.An uptrend has emerged along the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the price has rebounded as the 200-period simple moving average (SMA) acts as a support level, and on the daily chart, the price has once again broken above the 20-period MA—which it had previously broken below—and regained its previous high.

European currencies fell as the euro weakened against the U.S. dollar after Germany’s November industrial production figures, released on the 9th, showed no change from the previous month’s 0.8% year-over-year growth.The euro-dollar pair fell for the fourth consecutive day, dropping from 1.1661 to 1.1617. On the 4-hour chart, the pair declined after encountering resistance at the 10-period moving average (MA), and on the daily chart, the price broke below the 75-period MA, which had previously provided support. However, during today’s Asian trading session, the pair has fully recouped the losses incurred over the weekend.

Today’s key events include the U.S. 3-year Treasury auction at 25:30, remarks by Bostic, President of the Atlanta Fed, at 26:30, and remarks by Barkin,Remarks by Richmond Fed President Barkin at 26:45, a U.S. 10-year Treasury auction at 27:00, and remarks by New York Fed President Williams at 8:00 the following day. No other notable economic indicators are scheduled for today.Despite the deterioration in Canadian employment data, we will keep a close eye on the upside potential for the Canadian dollar against the yen.

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.

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