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Tuesday, May 17, 2022

+730 Points Reached in EURCAD after making a correction from the major support area
1 mins well spent

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 T1 Nov02 G Nov01 730 Points

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.

EURO ECB President Lagarde said next year end of 2022 rate hike will be processed

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.

OPEC nations meeting happening on November 4th of this week

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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