The Canadian Dollar (CAD) took a turn back to upwards against the Japanese Yen (JPY) after stats concerning Ivey purchasing managers index were announced by the statistics Canada. The pair is being traded around 79.66, following a bearish trend after printing a higher low during the last upside move.

The Ivey PMI released by the Richard Ivey School of Business catches business conditions in Canada. The Ivey PMI is a significant marker of business conditions and the general monetary condition in Canada. An outcome over 50 sign is seen positive, or bullish for the CAD, while an outcome beneath 50 is viewed as negative, or bearish.

Conclusion

Should you wish to trade CADJPY, it may be good for a short position. However, trading long term position might not work.