Hey guys what's up,
Today I'm gonna share my fundamental and technical analysis on Canadian Dollar (CAD).
We're all well known about war pandemic situation between Russia-Ukraine. As a result , trade agreements with Russia and many others European countries have been violated.
Russia is a major supplier in the oil market worldwide, but they are unbaled to sell.
- Basically, Canada is one of the biggest player in this segment.
That's why, the price of oil has started rising in the world market, which is one of the reasons for the rise in the value of the Canadian currency (CAD).
This may called direct impact for the rising of CAD.
Image source : Trading view, prepared by me CAD/JPY D1
This is what the chart says, same as fundamental
- One the other hand, The trade balance is surplused for CAD for last few days as the oil demand is increasing very aggressively.
So that's why CAD is appreciating against other currencies. And that could be the reason
behind the big downside rally in EURCAD, GBPCAD, USDCAD and for the upside rally - CADJPY, CADCHF.
So I am going to be the BUYER of CAD until the Russia - Ukraine war ends or the oil supply issues are diminished from other sources
EUR/CAD D1 at Trading View, prepared by me
Same as GBP/CAD
GBP/CAD, D1 at Trading View, prepared by me
So guys this is for today, hope u like it. Will come back tomorrow with an another analysis..
Thank You😊
Nice update sir. It helps me a lot
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My pleasure
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You've got a free upvote from witness fuli.
Peace & Love!
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Thank you so much
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