JPY Daily News

Canadian Economic Data Begins to Sag

The economic data from Canada is beginning to show weakness in the Canadian economy. Last Friday unemployment numbers showed the Canadian economy shed 54K jobs in October while the unemployment rate jumped to 7.3% from 7.1%. Friday's Canadian jobs report showed that a majority of the job losses were in the manufacturing sector. Market sentiment is also beginning to affect the CAD and events in Europe are helping to support the USD/CAD.

Today Canadian housing numbers will be released along with a speech by BoC Governor Mark Carney. The Risk is for his speech to sound more bearish on the outlook for the Canadian economy given the downbeat Market Policy Report from October.

Technicals for the USD/CAD are turning bullish. After the pair broke its long tern downtrend from the May and August 2010 highs the pair fell back to the trend line and bounced higher in textbook fashion. Resistance for the pair is found at the October 18th high of 1.0260 and a break here could have scope back to the October high of 1.0650. Support is located at the previously broken trend line at 0.9850.

Current Time: 05/27 00:46 GMT

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#	Time	$€£¥	Event	Per.	Prev.	Fore.	Act.	Imp.
11/08
	23:50	JPY	Bank Lending	y/y	-0.3%	*	0.0%
	23:50	JPY	Current Account		0.65T	0.96T	1.19T