Canadian Dollar Increase Against the Japanese Yen Because of Canada’s Appreciated GDP

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Thankfully Canadian Dollar (CAD) brings itself back from the depressed phase of falling and continuously making the bullish candle against the Japanese Yen (JPY) for the last two weeks.

This news removes all the fear that we assumed a few days back that the Canadian dollar did not get its required position because of the strong resistance power and the bad updates.

But fortunately, it proves that it is capable to fight with all the problems and stand strong against the other currencies. Well, the news that takes huge credit for this significant success is the Gross Domestic Product.

The news of gross domestic product surpassed the economist expectation and makes the CADJPY able to made the bullish candle on the graph.

The economist has the expectation that at the end of this month Canada pushes itself up because of the positive enhanced of the gross domestic product, as they have the view that it would raise itself to 3.5% as compared to the last month’s negative 11.6%. but beyond the expectation, it happily upgraded the status of the GDP at 4.5%.

Gross Domestic Product is one of the major news that triggers inflationary pressure in the CAD economy, so its value has a great impact on the currency as we already observed in the attached graph.

CADJPY

On the other hand, there is also the possibility that the CADJPY may drag to down because it is filled with the powerful force of resistance that stands in front of it.

Conclusion

There is a chance that the CADJPY will be able to move down, not only breaking its bullish momentum but also frustrating financial investors who are very confident of its ongoing growth. It requires careful evaluation.

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