CADJPY Sell Analysis
CADJPY has broken the bottom level of the Triangle pattern in the 1-hour timeframe chart with more sellers pressure in a short time. Expecting continuous fall.
After the confirmation of the Downtrend movement, the CADJPY Sell signal is given.
CADJPY reached the take profit target successfully.
Canadian Dollar: OPEC+ Nations Postponed Deal
OPEC+ and OPEC nations are not agreed on a proper deal hence last day meeting was postponed without the date fixed. As of now per day, 400Mbbm produced until August month.
The oil demand is highly spread across the global level due to more releasing of lockdowns in many parts of Developing countries.
And Many Automobiles are fuel engines around the Globe than Battery vehicles.
The US also urged OPEC nations to conclude the production per day and increasing supply leads to prices stability in oil prices otherwise Volatility created due to unstable action by OPEC+ nations.
Canadian Dollar makes a ranging market after OPEC nations said no deal and no date fixing creates more questions around the supply of Oil.
Japanese Yen: Inflation target of 2%
Japanese Yen shows slower depreciation against Counterparts as in the second quarter.
As only 10% of the population vaccinated and lockdown under progress in Japan.
Inflation shows remain weaker tone in Japan, Bank of Japan goals of 2% inflation target and employment rate to achieve is the big goal.
In the Upcoming Third-quarter Japanese Yen may get stronger as US Dollar might go into some correction as FED shows lesser expectations of a Hawkish stance in the near term.
More depreciation in the Japanese Yen may show some profit booking by sellers.
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