The CAD/JPY currency pair has made a bullish candle mark on the graph for the second day, with a price of more than 88.00. This achievement sparked hope in the badly impacted the CAD/JPY pair, which has been steadily losing value over the last three days.
The favorable or negative perception of the pair is frequently influenced by price-related news from Canada or Japan.
The upcoming unemployment rate is the news that displays its impact on the pricing.
On December 3, 2021, Statistics Canada will release data on Canada’s unemployment rate. According to experts, Canada’s unemployment rate was 6.6 percent in November, up from 6.7 percent the month before.
The Canadian jobless rate measures the number of jobless workers as a percentage of the total civil workforce. The unemployment rate is the most important economic metric. As a result, an increase in the data shows a lack of expansion in Canada’s labor market.
Generally, for Canada, growing numbers are bearish, indicating a bearish trend for the CAD/JPY pair and vice versa.
Fortunately, the price has two significant support levels at this moment, which not only keep the pair from falling but also push it to the appropriate level.
Whereas, Statistics Canada will release the figure of International Merchandise Trade on December 04, 2021. Economists suggested that it might decrease its value from $ 1.86 billion to $ 1.55 billion in October.
If there is less demand for Canadian exports, the trade balance will worsen, which will be unfavorable for the CAD.
Even though the CADJPY has improved in price over the previous few days, it still lacks the needed status of quick income.