CADCHF Analysis
CADCHF rebounding from the lower area in the higher timeframe monthly chart. In the 4-hour chart, CADCHF broke the lower high area of the minor descending channel.
After the confirmation of the Upward movement, CADCHF Buy signal was given to Supreme users.
CADCHF Update
CADCHF has Re-Entered the Descending channel, which leads to the SL price. However, CADCHF still have chances to to rebound from the broken the lower high area.
Reason: Due to the release of more economic news mentioned below, the market is not making technical movements at this time.
Why CAD is Weaker
Canada’s Economy is Uncertain : Canada’s economy grew in July, but August didn’t see any growth. This mixed performance made investors unsure about the Canadian dollar’s strength.
Possible Interest Rate Cuts in Canada : There’s a 50% chance that the Bank of Canada might cut interest rates soon. Lower rates make the Canadian dollar less attractive to investors.
Strong U.S. Dollar : The U.S. dollar has been getting stronger, which puts pressure on the Canadian dollar and causes it to drop in value.
Oil Prices Fluctuating : Since Canada exports a lot of oil, changes in oil prices affect the Canadian dollar. Recently, oil prices have been unstable, making the CAD weaker.
Lower Canadian Bond Yields : Investors are expecting Canada’s economy to slow down, which has caused bond yields to drop. This makes Canadian assets less appealing, weakening the currency.
Please note In the forex market, technical works 80% of the time, and fundamental works 20% of the time. This time fundamental wins. Be patience and wait for the next good opportunity signal.
We always want you to trade safe under all market conditions.
Don’t trade all the time, trade forex only at the confirmed trade setups.
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