On Wednesday, the Canadian dollar (CAD) surged against the Japanese yen (JPY). The CAD/JPY currency pair is currently trading at approximately 91.83 and might continue to rise in the face of changes in the employment rate.
Most likely, it will remain upbeat since the pair’s valuation suggests a higher peak in the current uptrend. It appears that this will surely be relevant for some time, making the investor happy and paving the way for more gains.
And now come to the recent increase that might happen because of the net change in the employment rate. It noticeably hopped to 157,100 and beat the estimate of 67,000 by economists.
The employment change from Statistics Canada measures the change in the number of people employed in Canada. A rise in this indicator usually has positive effects on consumer spending that stimulates economic growth.
On October 14, 2021, the Ministry of Economy, Trade, and Industry will release data on industrial production. Economists estimate that it will post a level of 9.3% in August, with no change from the previous month’s figures.
Industrial production is a metric that measures how productive Japanese businesses and mines are. Industrial production changes are a good indicator of the health of the manufacturing sector. A low reading could be unfavorable for the yen.
The market fully supports future short- and long-term traders invest in the CAD/JPY pair, may reap the maximum profit.