CAD/JPY trades a quarter of a percent lower in the 106.10s on Thursday, as the Canadian Dollar (CAD) weakens from a combination of falling Oil prices – crude is the country’s largest export – and expectations the Bank of Canada (BoC) will continue cutting interest rates after a 0.25% reduction at its September meeting.
CAD/JPY weakens as BoC cuts interest rates for the third meeting in a row. The Yen gains support from a rise in real wages in Japan that bolsters the outlook for growth. A decline in the price of WTI crude Oil below $70.00 a barrel further weighs on the CAD/JPY. CAD/JPY trades a quarter of a percent lower in the 106.
” CAD/JPY saw further downside after data out of Japan showed a rise in real wages, which increased for the second straight month in July and reinforced expectations that the Bank of Japan will raise interest rates again before the year ends. Inflation-adjusted real wages in Japan rose 0.4% year-over-year in July as total cash earnings increased 3.6%.
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