CAD/JPY Slides Before Release of International Merchandise Trade
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TRADERTALKESNET – The Canadian dollar (CAD) is currently down by 80.73 dollars against the Japanese yen (JPY). Before this drop, the Canadian dollar had recovered its value against the yen.
It is taking place before the release of International merchandise statistics.
The international merchandise trade is an impending release that will have an impact on the price of the CAD/JPY currency pair.
On January 6, 2022, Statistics Canada plans to release the international merchandise trade on Thursday. According to FxStreet.com, it is expected to stay at $ 2.06 billion in November, compared to $ 2.09 billion the month before.
The trade balance will improve if there is a constant demand for Canadian exports, which will benefit the CAD and vice versa.
There are also lower chances of a CAD/JPY price drop because, as seen in the graph below, there are resistances in front of the pair’s price that could function as a barrier moving forward.
Whereas there are several levels of support on the downside of the value, which will boost the CAD/JPY currency pair’s value over time.
Because the pair has the potential to rise, long-term investors will be delighted with their investment.
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