AUDCAD Lower
I think AUDCAD moves lower this week
we've had a strong move higher on the s&p which has given commodity currencies a boost recently. AUDCAD is more a proxy to AUDUSD which explains the outperformance of AUD over CAD.
I still think we move lower in risk as there is global tightening conditions and geopolitical risks which should cause AUDCAD to move lower.
We also have the BoC rate decision this week which i think could be hawkish on the back of strong CAD CPI recently.
Nice resistance area just above should provide a good entry point.
Not trading/investment advise, feedback welcome!
we've had a strong move higher on the s&p which has given commodity currencies a boost recently. AUDCAD is more a proxy to AUDUSD which explains the outperformance of AUD over CAD.
I still think we move lower in risk as there is global tightening conditions and geopolitical risks which should cause AUDCAD to move lower.
We also have the BoC rate decision this week which i think could be hawkish on the back of strong CAD CPI recently.
Nice resistance area just above should provide a good entry point.
Not trading/investment advise, feedback welcome!
Note
taking this out here, around 0.7 RR
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.