AUDCAD Long
I think I like trying an AUDCAD long here.
Narrative wise we had some good news of china reducing some covid restrictions for inbound visitors today. I think this is a good step in improving the overall mood around china growth/global growth worries and the china covid situation. If you are trying to play a china economic comeback then AUD is a good way to do so.
Correlations are somewhat pushing upwards. Copper is a touch higher and may find a base from the news from china this morning, china stocks are looking at potentially bottoming, us500 is moving higher and oil is somewhat higher as well. I think oil moving higher may help the trade as it could increase yields and lead to an increase in rate differentials for the pair.
Sentiment for AUDUSD is extremely low and suggesting a move higher for the pair, as AUDCAD is more a proxy to AUDUSD rather than USDCAD I think this should help boost AUDCAD.
We have some nice support below which should help as well.
not trading/investment advise, feedback welcome!
Narrative wise we had some good news of china reducing some covid restrictions for inbound visitors today. I think this is a good step in improving the overall mood around china growth/global growth worries and the china covid situation. If you are trying to play a china economic comeback then AUD is a good way to do so.
Correlations are somewhat pushing upwards. Copper is a touch higher and may find a base from the news from china this morning, china stocks are looking at potentially bottoming, us500 is moving higher and oil is somewhat higher as well. I think oil moving higher may help the trade as it could increase yields and lead to an increase in rate differentials for the pair.
Sentiment for AUDUSD is extremely low and suggesting a move higher for the pair, as AUDCAD is more a proxy to AUDUSD rather than USDCAD I think this should help boost AUDCAD.
We have some nice support below which should help as well.
not trading/investment advise, feedback welcome!
Note
taking this out here
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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.