MMFI for the Canadian Dollar is an integral index created by MacroMicro for Canadian dollar fundamentals. When it goes up, the fundamentals of CAD is looking good.
Canada is an immigration economy like Australia. Both of the countries are big exporters of raw materials, too. Canada exports crude oil, especially to the US, so the international oil price predominates Canadian dollar's movement. The Central Bank also has control over its currency.
*Upward movement suggests CAD appreciation in this chart.
MM CAD Fundamental Index2021 W03-1.31
USD/CAD (Y-axis Inverted, R)2021-01-181.28