CAD/JPY declined slightly after the Canadian jobs data. It hit a high of 104.94 yesterday and is currently trading around 104.26.
Canada's jobs market was nearly stagnant in April 2025, generating a paltry 7,400 jobs, as the unemployment rate surged to 6.9%, its highest since 2017 aside from the pandemic years, following the economic effects of new U.S. tariffs and declining business activity.
Technical Analysis
CAD/JPY is currently trading above the 34- and 55-EMA on the 4-hour chart. The immediate resistance is at 105; a breach above this level could shift targets to 105.51/106/107/108.25. On the lower side, near-term support is at 103.50 and a break below this support could lead to declines toward 103/102.50/10.65/101/100.
Indicator Trends
CCI (50)- Bullish
ADX (14)- Neutral
Trading Strategy Recommendation
It is good to buy on dips around 104 with a stop-loss at 103 and a target price of 106.
