AUDCAD TREND CONTINUATION TRADE
We have touched upon the Australian Dollar this week and that the commitment of traders shows the potential for a long opportunity. However, the COT reports do not give us the timing of the trades and we must see our technicals line up. BoC (Bank of Canada) are talking up a rate hike in the coming week and that could look likely as data shows to be backing the decision for a rate hike so we should see buyers stepping into the market until the decision has been made. Looking at the charts we can see the daily chart has come back into previous structure lows as well as a 50% fib retracement where the market could find resistance. Looking to the 4hr chart we can see a double top forming currently. If we see a break and close below the neckline we can look for short opportunities from the neckline resistance.
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