AUDCAD Analysis :
AUDCAD is moving in a strong uptrend by forming higher highs and higher lows within the channel line.
AUDCAD is breaking the top level of the minor descending channel in the 3rd attempt.
After the confirmation of upward movement, AUDCAD buy signal given.
AUDCAD buy signal reached the take profit target successfully.
Australian Dollar: Australian GDP came in Robust numbers
Australian GDP Q4 came at 3.4% versus -2.7% forecast and previous reading -1.9% printed.
And Commodity prices are increasing higher, Australian Trade Surplus increased to A$12 billion.
Crude oil hits 114.83bbl as 2011 highs and Russia Versus Ukraine War continues and Non-Stop progressing, Today Talks Between Ukraine and Russia happening on Poland Border.
Russia’s invasion of Ukraine made Oil prices higher, and More countries are Banning Exports from Russia; energy prices are driving higher due to the demand of buyers increasing more.
Canadian Dollar: Bank of Canada hiked interest rates
Bank of Canada Hikes interest rate by 25bps to 0.50% from 0.25%.
And Canadian Dollar has Double support from Domestic data and foreign data like Crude Oil prices surges.
Crude oil touched the price of $114 due to More sanctions on Russia, and revenge from the Russian side is possible.
And Alternative sources are OPEC countries increasing output and the US Raising its output shales.
Canadian Dollar soaring against USD due to interest rates rose by Bank of Canada last night.
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