Battery
SOURCE: date set
The winding stem of the caravelle has two positions when pulled outward from the case. Pulling it full out lets you set the time. And, by rotating the hands through successive twenty-four hour periods it resets the day of the week. Pulling the stem halfway out allows you to set the month, but only if you rotate the stem in a counterclockwise direction..
SOURCE: How do I remove the back of my Caravelle by Bulova
There is a special gear type tool with prongs on it that rotate the back of the watch off (turn to left to take off, right to replace). If you don't have one, take the watch in to a jeweler's and they will replace the battery for little or nothing, usually.
Good luck, and hope this helps.
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