The Canadian dollar (CAD) today inched higher against the Japanese Yen (JPY) with a price of more than 83.00. For more than three months, the CADJPY has labeled an inch higher status by increasing its price day after day.

Although, there is no such news that is assumed to be the success of CADJPY. Today  Statistics Canada released the Retail Sales data of December.

According to Statistics Canada, retail sales dropped to -3.4 percent, as compared to the month before data of 1.3%.

Retail Sales is a monthly data focused on a sampling of retail stores of various styles and sizes that displays all items sold by retailers. The retail sales index is a consumer confidence indicator that, in the short term, shows the performance of the retail sector. In general terms, the positive economic development of the CAD anticipates bullish movements and vice versa.

Currently, with the backend of support levels, the CADJPY is at the price of 83.64.

The Statistics Bureau of Japan published improved data on the national consumer price index of January yesterday.

The most important way to measure shifts in buying trends is CPI. JPY’s purchasing power is dragged down by inflation. A high reading is generally positive for the JPY and bearish for the CADJPY pair.

This news might not support the forward momentum of the CADJPY. Due to the higher high wave observed in the upside price movement of CADJPY hence technical bias might remain bullish for a while.

Conclusion

Buying the pair around current levels might be a worthwhile decision on short to medium-term trading, given the micro-macro-economic outlook of the pair over the past few days.