The Canadian Dollar (CAD) keeps moving downside against the Japanese Yen (JPY) ahead of the Ivey Purchasing Managers Index release. The pair is being traded around 80.01, with a bearish trend after printing a higher low during the last upside move. However, during the last two weeks, it continuously marked a bullish candle.
The Ivey PMI released by the Richard Ivey School of Business represents business conditions in Canada. The Ivey PMI is an important indicator of business conditions and the overall economic condition in Canada. A result above 50 signals is seen positive, or bullish for the CAD, whereas a result below 50 is seen as negative, or bearish.
Likewise, the retail sales data is considered as a significant indicator of the country’s business condition, hence suggests possible inflation of deflation quite remarkably. However, the data does not include automobiles.
With a reporting figure of -24.2K in July, it remained -2.2K, the month before, down beating the economists’ expectation which was 12.5K.
Should you wish to trade CADJPY, it may be good for a short position. However, trading long term position might not work.