CAD/JPY outlook this week
The CAD/JPY outlook this week, 2 to 6 November 2026, starts from two policy rates: the BoC's 2.50% against the BoJ's 1.25%, a gap of 1.25 percentage points in favour of the Canadian dollar. The BoC decides next on Wednesday 9 December and the BoJ on Friday 18 December.
This week's macro bias for CAD/JPY is for members; a free account shows four other pairs in full.
By Mike, founder of MacroSetup. Page updated . Rates and calendar as the research last recorded them, 6 November 2026, 21:12 Amsterdam time; price moves on the ECB reference rates, updated once a working day.
CAD/JPY outlook this week in short
No CAD/JPY forecast and no price target here: the facts of the week, dated, and for members the macro bias, which reads the two economies behind the pair rather than the chart.
| CAD BoC | JPY BoJ | |
|---|---|---|
| Policy rate | 2.50% | 1.25% |
| Next decision | Wed 9 Dec | Fri 18 Dec |
| Time, UTC | 14:45 | No fixed time |
| Time, London | 14:45 | No fixed time |
A gap of 1.25 percentage points in favour of the Canadian dollar.
Rates as the research last recorded them; dates from each bank's own calendar, checked on 13 October 2026. Every gap between the eight is on the rate differentials page, every meeting on the central banks page.
High-impact releases, 2 to 6 Nov
| London | UTC | Release |
|---|---|---|
| Fri 6 Nov, 13:30 | 13:30 | Canada jobs report CAD(out) |
High impact only, as on the economic calendar, which has every release of the week for all eight currencies with what is next.
CAD/JPY on the ECB reference rates
Latest: 6 November 2026
- 1 day
- -0.80%
- from 5 Nov
- 5 days
- -0.01%
- from 30 Oct
- 20 days
- +1.18%
- from 9 Oct
The change in the price of CAD/JPY over 1, 5 and 20 trading days, our own calculation from the euro foreign exchange reference rates. Source: ECB statistics. The ECB publishes them once a working day at around 16:00 CET, for information only, so this is a daily reading and not a live price. All eight currencies and all 28 pairs are on the currency strength meter.
CAD/JPY macro bias this week
For members
This week's macro bias for CAD/JPY is for members.
A free account shows four pairs in full, with the score, its four parts and the reason on each side: EUR/USD and USD/JPY every week, and USD/CAD and GBP/JPY this week. CAD/JPY comes round as a pair of the week from 30 November 2026. Premium shows all 28 pairs every morning.
Best time to trade CAD/JPY
CAD/JPY has one side in the Asia-Pacific day and one in North America, so it has two windows half a day apart. The Tokyo session, 00:00 to 08:00 UTC this week, is home to the Japanese yen: Japanese figures come out around its open. The New York session, 13:00 to 22:00 UTC this week, is home to the Canadian dollar: Canadian figures come out at the start of it.
For the market as a whole, the busiest stretch of the day is the overlap of London and New York, from the New York open at 08:00 New York time to the London close at 16:30 London time, which this week is 13:00 to 16:30 UTC.
In the minutes around a high-impact release spreads widen, and some prop firms forbid trading around it altogether. This week's releases for CAD and JPY are in the table above. More on the sessions: the best time to trade forex and which session is open now.
| Session | Local time | UTC |
|---|---|---|
| Sydney | 09:00 to 17:00 | 22:00 to 06:00 |
| TokyoHome of JPY | 09:00 to 17:00 | 00:00 to 08:00 |
| London | 08:00 to 16:30 | 08:00 to 16:30 |
| New YorkHome of CAD | 08:00 to 17:00 | 13:00 to 22:00 |
Each centre on its own clock, so the hours in UTC move when a centre changes its clocks. Holidays close a centre too: the forex market holidays.
What moves CAD/JPY
CAD/JPY is the Canadian dollar against the Japanese yen, which means it is the Bank of Canada (BoC) against the Bank of Japan (BoJ) and everything those two banks have to react to.
Canadian dollar
Bank of Canada (BoC)
- The price of oil, one of Canada's largest exports.
- The United States. Most of what Canada sells goes there, so American growth and trade policy land on the Canadian dollar.
- The Bank of Canada, which tends to move in the same direction as the Federal Reserve but not always at the same pace.
Japanese yen
Bank of Japan (BoJ)
- The interest rate gap with the rest of the world. Japan has had one of the lowest rates of the eight for years, which makes the yen a funding currency of choice.
- Risk appetite. When markets get nervous, Japanese money comes home and the yen rises on the flow rather than on any Japanese news.
- The Ministry of Finance. Japan has intervened in the currency before and says so openly when it is uncomfortable.
The rate gap between any two of the eight is on the rate differentials page, each bank's next meetings on the central banks page, every release of the week on the economic calendar and how the eight moved on price on the currency strength meter.
How CAD/JPY is scored
Each currency gets a score from 0 to 100 from four parts: risk sentiment, the fundamentals of its central bank and rate level, geopolitics and the price of the week. The score of the pair is CAD minus JPY.
A wide gap means the macro is pulling one way. A narrow one means this pair has no macro behind it today, which is a good reason to look at another one. Members see the number, the reason and the event risk on it every morning.
Before you take it
- Check both sides. A release on either currency moves the pair, and the leg nobody checked is the one that hurts.
- Check the rate gap. It pays you every night you hold, or it costs you.
- Check your other positions. Two pairs that share a currency are one bet.
- Then take the entry from your own chart. Macro for the side, the chart for the moment.
Pairs that share a currency
Two positions that share a currency are one position wearing two names. These are the pairs that move with CAD/JPY.
All 28 pairsQuestions about CAD/JPY this week
What is the CAD/JPY outlook this week?
The BoC's policy rate is 2.50% and the BoJ's 1.25%, a gap of 1.25 percentage points in favour of the Canadian dollar. The BoC decides next on Wednesday 9 December 2026 at 14:45 UTC (14:45 in London), and the BoJ on Friday 18 December 2026, at no fixed time. The calendar for 2 to 6 November 2026 has one high-impact release for CAD and JPY: Canada jobs report (Fri 6 Nov, 13:30 London). On the ECB reference rates of 6 November 2026, CAD/JPY was down 0.80% over one trading day, down 0.01% over 5 trading days and up 1.18% over 20. This week's macro bias for CAD/JPY is for members; a free account shows four other pairs in full. This week's four free pairs
When are the next BoC and BoJ decisions?
The BoC decides next on Wednesday 9 December 2026 at 14:45 UTC (14:45 in London), and the BoJ on Friday 18 December 2026, at no fixed time. The dates are from each bank's own calendar, checked on 13 October 2026. All eight central banks and their meetings
What moves CAD/JPY?
The BoC against the BoJ, the releases each of them steers by, the gap between their policy rates and the mood of the wider market. The Canadian dollar: tied to oil prices and to the US economy, its largest trading partner. The Japanese yen: a safe haven that tends to gain when markets turn cautious, and a common funding currency in calm ones.
What is the interest rate differential between the Canadian dollar and the Japanese yen?
1.25 percentage points in favour of the Canadian dollar: the BoC's policy rate is 2.50% and the BoJ's 1.25%. Holding the Canadian dollar against the Japanese yen earns roughly that difference over a year, before your broker's spread on the swap. Every gap between the eight
When is the best time to trade CAD/JPY?
CAD/JPY has one side in the Asia-Pacific day and one in North America, so it has two windows half a day apart. The Tokyo session, 00:00 to 08:00 UTC this week, is home to the Japanese yen: Japanese figures come out around its open. The New York session, 13:00 to 22:00 UTC this week, is home to the Canadian dollar: Canadian figures come out at the start of it. For the market as a whole, the busiest stretch of the day is the overlap of London and New York, from the New York open at 08:00 New York time to the London close at 16:30 London time, which this week is 13:00 to 16:30 UTC. The best time to trade forex
Do you publish a CAD/JPY forecast?
No. We score both currencies every trading day and the pair score is the difference between them, with the reason written next to it. That is a reading of now, not a prediction, and the past readings are published with their misses. The track record