Yesterday’s Released Gross Domestic Product Report Does not Support the Canadian Dollar to Keep Strong Against the Japanese Yen

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Today’s disappointing day for the CADJPY by putting itself below the price of 80.00, and takes a red label marked over itself. While it was set stronger in the last two days and had lurched up itself value with a green sign sticker.

The pair need good encouragement that will help them to carry it forward whereas it is very impossible for the Canadian dollar (CAD) to drive up its price without any assistance and now the economy is impacted by the financial crisis after the pandemic COVID-19.

When we define the CADJPY then the trading universe will be an unsatisfied set. It’s not that Canada doesn’t have the appreciable updates to push its dollar up, there are several updates in the last week that improved its price and drive it higher, but they are not yet enough to compete with the Japanese yen.

Another recent thing that further disillusioned the currency is the Gross Domestic Product Survey, which further lowered its percentage this month and revealed the reading of -11 percent, while this number is important in the sense that it is better than the predicted figure of -15 percent.

GDP is considered a specific indicator of Canadian economic development and wellbeing, Statistics Canada releases it to measure the overall amount of all Canadian-produced goods and services.

 

CADJPY

Moreover, the price is restricted by the restriction levels, that are standing in front of the price, which might stop its progress toward the optimum level.

Conclusion

As the technical bias might remain bearish because the graph reflected the higher low movement in the last upside move, so it is better to delay the process of trading right now and wait for the positive sensation.

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