It’s a pleasant start for today’s Canadian dollar (CAD) as it rises above 80.00 against the Japanese Yen (JPY). Since facing the downturn of the last two days, today, it is raised because of the favorable upcoming economic updates.

Two significant updates are going to release on October 21, 2020, with the appreciated indexes.

First, there are retail sales that, according to the economist projections, concerning the month before results, will increase from -0.4 percent to 0.5 percent.

Statistics Canada’s Retail Sales ex Auto is a monthly report that indicates all products sold by retailers based on a sample of retail stores of various styles and sizes other than the automotive industry. A measure of consumer trust is the retail sales index. It demonstrates the retail sector’s success in the short term.

Then, the second news is the Consumer Price index, which would also increase in this month with an appreciated index of 0.1%, as compared to -0.1% of last month, according to Statistics Canada’s economist prediction.

The Consumer Price Index ( CPI) is an indicator of price movements when a representative shopping basket of products and services measures retail prices. Inflation is weighing down the buying power of CAD. Generally speaking, a high reading is a rate hike predictor.

Conclusion

While CADJPY has risen today, but the price movement is uncertain and will continue due to the impact of COVID-19.