EURCAD Analysis
EURCAD is standing exactly at the major support area in the weekly timeframe chart – We can expect a correction from this zone.
After the confirmation of uptrend movement, EURCAD buy signal signal.
EURCAD reached the take profit target successfully.
EURO: ECB meeting shows positive for EURO
ECB meeting shows less Dovish comments on last week, ECB President Lagarde said next year-end of 2022 rate hike would be processed, then inflation reading will slow step by step to regular numbers.
Now ECB view is on tapering soon as FED sends a clear tapering message this month is primarily expected.
And EURUSD dropped 0.50% since last week as Friday US Domestic data shows positive numbers.
This week German retail sales, US ISM Manufacturing data, and FOMC meeting are in the table.
Canadian Dollar: OPEC+ meeting forecast
OPEC+ nations meeting happening on November 4th of this week, and Global energy head Regina Mayor said OPEC+ Nations maybe consider to increase the output from 600000 Barrels per day to 1 million barrels per day.
As more governments suffer from crisis and energy demand, OPEC+ nations will support demand concerns.
So in the upcoming meeting creates hopes for increasing the supply of oil-by-Oil countries.
Canadian Dollar will be short down if increased the supply this week.
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