I was checking out some currrencies I don’t normally look at and was surprised to see a jump in the CAD/JPY. It went from 116.780-ish at 2am (MST) to 119.300 by 9:30am (MST). That is a big jump!
I was wondering what sparked this jump.
hello:
it was about some basic fundamental data that came out today heavily in favor of CAD.
There was an employment situation report coming out at 7 AM EST and payrolls came out multiple times the ‘expected’ analyst guesstimate of around 15 thousand.
Keep in mind the fundamental background of a falling Dollar (due to market pricing in another USD rate cut later this month), a strong Canadian economy, high oil prices, the strong CAD strengthening trend, etc.
What happened today with CAD against all currencies is a great example of how fundamentals can influence currency rates. I recommend you look into what happened in more detail.