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Forex Market: CAD/JPY daily forecast

During yesterday’s trading session CAD/JPY traded within the range of 93.36-93.94 and closed at 93.79.

At 09:14 GMT today CAD/JPY was adding 0.2% for the day to trade at 94.05. The pair touched a daily high at 94.06 at 9:10 GMT, breaching the first key resistance.

Fundamental view

The number of the employed people in Canada probably increased by 21 300 last month compared to March, according to the median forecast by experts. In March compared to February the number of the employed rose by 42 900. Creation of new job positions is considered of utmost importance for consumer spending. In case employment in the country increases more than expected, the loonie would be supported.

The rate of unemployment in Canada probably remained unchanged at 6.9% in April. Lower than expected unemployment would have a bullish effect on Canadian dollar. Statistics Canada is expected to release its official report at 12:30 GMT.

Technical view

Screenshot from 2014-05-09 12:18:05

According to Binary Tribune’s daily analysis, in case CAD/JPY manages to breach the first resistance level at 94.03, it will probably continue up to test 94.28. In case the second key resistance is broken, the pair will probably attempt to advance to 94.61.

If CAD/JPY manages to breach the first key support at 93.45, it will probably continue to slide and test 93.12. With this second key support broken, the movement to the downside will probably continue to 92.87.

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