AUDCAD H1
The Australian Dollar (AUD) has been facing losses against the US Dollar (USD) due to mixed employment data from the Australian Bureau of Statistics. This decline comes after a two-day winning streak, partly influenced by a speech from Reserve Bank of Australia (RBA) Governor Michele Bullock.
In September, the Employment Change dropped more than expected, creating an unexpected twist in Australia's employment landscape. On the positive side, the Unemployment Rate decreased more than anticipated, deviating from the expected trend.
On the other hand, the Canadian Dollar (CAD) has also been on a downward trend, which is closely tied to declining Crude Oil prices. The Canada Mortgage and Housing Corporation released data indicating an increase in Housing Starts for September, reaching 270.5K, surpassing market expectations of 240.0K and the previous figure of 250.4K.
Regarding AUDCAD trading, it appears to be in a bearish market. The pair may retest the resistance level at 0.8670. If it continues to decline, the next levels to watch are 0.86271 and 0.8584. These levels can be important for traders to monitor when making trading decisions.
In September, the Employment Change dropped more than expected, creating an unexpected twist in Australia's employment landscape. On the positive side, the Unemployment Rate decreased more than anticipated, deviating from the expected trend.
On the other hand, the Canadian Dollar (CAD) has also been on a downward trend, which is closely tied to declining Crude Oil prices. The Canada Mortgage and Housing Corporation released data indicating an increase in Housing Starts for September, reaching 270.5K, surpassing market expectations of 240.0K and the previous figure of 250.4K.
Regarding AUDCAD trading, it appears to be in a bearish market. The pair may retest the resistance level at 0.8670. If it continues to decline, the next levels to watch are 0.86271 and 0.8584. These levels can be important for traders to monitor when making trading decisions.
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