Today was the second day that the Canadian dollar (CAD) fell against the Japanese yen. It fell below the 105.00 mark (JPY).

Statistics Canada’s gross domestic product (GDP) report for Canada, which came out on July 29, 2022, is one big piece of news. According to FXStreet.com, it stayed at 0% in May. It was a change of 0.3% from the month before, and economists had predicted a change of -0.2%.

The GDP is a way to figure out how much all of Canada’s goods and services are worth as a whole. The GDP is a broad way to measure the health and activity of Canada’s economy.

On the other hand, if there is more bad news about the unemployment rate, the CAD/JPY pair could go down.

Statistics Canada plans to give information about the unemployment rate in Canada today. Economists at FXStreet.com say that unemployment will probably stay at 5.1 per cent in July. It is up from 4.9 per cent in June.

The unemployment rate in Canada shows how many people are out of work. The numbers are a percentage of the total number of people who work (civilians). If the value increases, the number of jobs in Canada will decrease. In general, a high unemployment rate makes the Canadian dollar weaker and shows a downward trend for the CAD/JPY pair, and the opposite is also true.

Conclusion

The CAD/JPY pair may still have a solid technical bias because the last time prices increased, the pair made a higher high.