The Canadian Dollar (CAD) takes a turn back towards the downside against the Japanese Yen (JPY) after leaning upwards during July. The pair is being traded around 79.64 with a bearish trend after printing a higher low during the last upside move.
The stats concerning a change in employment released by Statistics Canada is a proportion of the adjustment in the number of people having jobs in Canada. Since its an important indicator for the country’s economy, an ascent in this indicator has positive ramifications for buyer spending which animates financial development. In this way, a high perusing is viewed as positive, or bullish for the CAD, while a low perusing is viewed as negative or bearish.
Likewise, the retail sales data is considered as a significant indicator of the country’s business condition, hence suggests possible inflation of deflation quite remarkably. However, the data does not include automobiles.
With a reporting figure of -24.2K in July, it remained -2.2K, the month before, down beating the economists’ expectation which was 12.5K.
Should you wish to trade CADJPY, it may be good for a short position. However, trading long term position might not work.