AUDCAD CORRECTION
AUDCAD has been on our radar for a few reasons. AUD GDP Report was poor and put doubt in the mind of investors whether the RBA could hike rates at all.
We are also seeing CAD gain strength off the back of the current decision for Opec to cut oil production to help struggling oil prices.
The daily timeframe is potentially forming a head and shoulders pattern with the right shoulder forming at the 0.9650 resistance.
Price has currently formed a double top pattern at the resistance and if we see a break lower, look for the re-test for continuation trades.
We are also seeing CAD gain strength off the back of the current decision for Opec to cut oil production to help struggling oil prices.
The daily timeframe is potentially forming a head and shoulders pattern with the right shoulder forming at the 0.9650 resistance.
Price has currently formed a double top pattern at the resistance and if we see a break lower, look for the re-test for continuation trades.
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