It’s good to see that the Canadian Dollar (CAD) is constantly moving forward and that today with the green candle mark, it has again risen against the Japanese Yen (JPY) at the price of 83.85. It ignited the expectation of staying in a rising position. This was due to the International Merchandise Trade Release declaration by Statistics Canada. With regard to the technical bias, it might remain bullish due to a higher high wave printed on the graph in the last upside move.
International merchandise trade is the difference in the value of Canadian goods imported and exported, excluding intangibles such as services. Export data can provide a significant reflection of Canadian growth as tangible goods and manufacturing dominate much of Canada’s GDP. If a steady demand is seen in exchange for Canadian exports, this would turn into a positive trade balance rise, and this should be positive for the CAD.
Similarly, it would be assumed that the significant news of tomorrow on employment change would make The CADJPY bullish on the graph as the economist predicted it would increase its index from -71.2 K to 25 K this month.
In turn, an increase in employment has a positive impact on consumer spending, which increases economic growth.
The following graph shows the many levels of support at different intervals, which will provide the possible help to the price to push up, and these levels of support, on the other side, will also protect it from backup.
The graph above also includes the key horizontal resistance level that may escalate the price towards the downside but its effects could be overcome by the levels of support.
From the above review, it has been noted that great opportunities for both short- and long-term stock traders as the market is on its bullish run and will continue until it does not get a quick reversal.