MAY 6, 2021
- Canadian dollar strengthened amid BoC’s QE tapering
- Canadian jobs report due for release on Friday at 2030 (SGT)
Chart 1: CAD/JPY D1 chart
Being the first central bank this year to taper quantitative easing, the Bank of Canada boosted the Canadian dollar after its announcement on the reduction of government bonds purchase by $1 billion weekly. The hawkish announcement led to CAD/JPY trading at the three-year high level, just slightly below the 90 handle.
For now, we can expect CAD/JPY to stay around this level but not for long as the Canadian jobs report will be released tomorrow at 2030 (SGT). The market is expecting a loss in jobs in April as well as a slight increase in the unemployment rate due to the four weeks lockdown in Ontario Canada. Nonetheless, if the jobs report released tomorrow does not reflect as bad as is expected, we may see a continuation in the strengthening of the Canadian dollar, potentially breaking above the 90 handle.
Trade Setup for CAD/JPY (D1)
Buy Stop Order at 90.300
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