The Canadian Dollar/Swiss Franc currency pair (also referred to as CADCHF and CAD/CHF) is a popular currency pair amongst forex traders. In this article, we will examine how CADCHF is performing.
CADCHF Key Stats
- 2021 high: 0.7528
- 2021 low: 0.6886
- YTD high: 0.7812
- YTD low: 0.7112
- YTD % change: +0.29%
CADCHF Forecast
Despite a rise earlier in the year, the CADCHF has declined since around June, putting it essentially flat for the year. Even though energy prices helped the Canadian dollar previously, we see the recent fall continuing as pressure continues to build on the 0.7115 to 0.7112 level. With oil prices no longer surging to highs (at the time of writing), the CAD, as an oil-related currency, should decline with investors flocking to safe havens such as the Swiss franc.
CADCHF Fundamental Analysis
Fundamental analysis is just one of many successful strategies used to trade on the forex market. The macroeconomic environment is impacted by several factors, such as GDP, inflation, consumer confidence, and much more. Therefore, fundamental analysis is necessary to adequately evaluate the current climate for both the Canadian economy and CAD and the Swiss economy and CHF.
The Canadian dollar is closely correlated to the price of oil. This is because the most significant proportion of Canada’s earnings comes from the sale of crude oil. They are one of the largest producers and exporters of the commodity. As a result of oil and gas prices surging this year, the Canadian dollar initially made substantial gains. Canada has been affected by soaring prices, like most nations in 2022, and the country saw inflation spike to 8.1% in June. However, it has since eased over the last two months due to several interest rate hikes. Currently, interest rates are at 3.25%, with further rate hikes expected.
The Swiss Franc is considered a stable currency in the global economy. It is often purchased by investors when the stability of other currencies is at risk. The Swiss central bank tends to take measures to control the currency if needed. Inflation in the country fell from 3.5% to 3.3% in September as the nation emerged from a long period of negative interest rates. Currently, interest rates are at 0.5%, up from -0.25%.
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CADCHF Technical Analysis
For the CADCHF, we can see clear support areas around the 0.7112 and 0.7056 marks. In recent years, the price has reacted quite significantly to these levels. As a result, they are ones to watch in the near future for potential breaks lower or a turnaround in the current trend.
On the other hand, resistance levels are upper price levels that show repeated signs of resistance from the market. Price struggles to break these highs and can be used for bearish traders to enter the market. Areas such as 0.7492 or the 2022 high are key resistance levels to watch out for.
Furthermore, during July, the CADCHF crossed its 100-day moving average on the daily chart to the downside, retracing back to the 100 MA in September before bouncing lower. It now looks as though it is creating a flag pattern, which could eventually break and result in another push to the downside.
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