A very smooth journey moved by the Canadian Dollar (CAD) by continuously traveling its way towards the forward direction against the Japanese Yen (JPY), in fact, from the graph below it was noticed that it crossed the barrier of levels of resistance and enjoyed its progress from more than two months. And today it once again marked a bullish candle on the graph with a price of 84.26. Due to a higher high move in the last upside movement on the graph, the technical bias remains bullish.
The Net Employment Change of Canada is one of the important factor that plays a part in today’s price increase. It jumped significantly from -71.2 K to 35.4 K and in fact, it also beat up the economist’s estimate of 25 K.
Statistics Canada’s Employment Change is a measure of the change in the number of people employed in Canada. In general, an increase in this indicator has positive effects on consumer spending which stimulates economic growth. A high reading is therefore viewed as positive, or bullish for the CAD, while a low reading is viewed as negative, or bearish.
This change in employment has an indirect relationship with the Un Employment Rate, hence its increase drops the other factor, so the unemployment rate decreases from the last month’s 5.9 percent value with a value of 5.6 percent this month. It shows that the Canadian labor market is expanding. As a result, the Canadian economy is strengthened by an upturn. Typically, the figure decreases seem as positive for CAD.
The graph above shows the number of levels of support that pointed to CADJPY’s success as they work to lift it above the said levels and also assisted it, maximum support to cross the coming resistance.
The market fully supports future short- and long-term traders invest in CADJPY, so they may reap the maximum profit.