Take Profit 1 - 0.8772
Take Profit 2 - 0.8822
Take Profit 3 - 0.8872
Stop loss - 0.8592
The AUDCAD pair has been in a bullish trend for the past few weeks, and it is currently trading near the top of its range. The current spot rate is 0.8692, and a buy entry point of 0.8692 is just below the recent high of 0.8712.
There are a few reasons why AUDCAD could continue to rise in the near term. First, the AUD is generally seen as a commodity currency, and it has been strengthening against the CAD in recent weeks as commodity prices have risen. Second, the Reserve Bank of Australia is expected to raise interest rates more quickly than the Bank of Canada, which could put upward pressure on the AUD against the CAD. Finally, the Australian economy is expected to grow more quickly than the Canadian economy in the near term. This is due to a number of factors, including the strength of the Australian labor market and the country's commodity exports.
Technical analysis:
From a technical perspective, the AUDCAD pair is trading above its 200-day moving average, which is a bullish signal. The pair is also forming a bullish ascending triangle pattern, which is a continuation pattern that typically leads to a breakout to the upside.
Fundamental analysis:
The Australian economy is expected to grow more quickly than the Canadian economy in the near term. This is due to a number of factors, including the strength of the Australian labor market and the country's commodity exports. However, the Reserve Bank of Australia is expected to raise interest rates more quickly than the Bank of Canada, which could put upward pressure on the AUD against the CAD.
Risks:
There are a few risks to consider before entering a trade on AUDCAD. First, the global economy is facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a decline in the AUDCAD pair. Second, the Bank of Canada is expected to continue to pursue an ultra-loose monetary policy, which could put downward pressure on the CAD. Finally, the Australian economy is facing some headwinds, such as the war in Ukraine and the ongoing trade tensions with China. These headwinds could weigh on the AUD and lead to a decline in the AUDCAD pair.
Overall:
I think AUDCAD is a good pair to trade for those who are looking for a long-term bullish trend. However, it is important to remember that the forex market is volatile, and there is always the risk of a reversal. You should always do your own research before entering any trades.
Here are some additional factors that you may want to consider before entering a trade on AUDCAD:
The economic outlook for Australia and Canada.
The level of volatility in the forex market.
The price of commodity prices, such as oil and iron ore.
Take Profit 2 - 0.8822
Take Profit 3 - 0.8872
Stop loss - 0.8592
The AUDCAD pair has been in a bullish trend for the past few weeks, and it is currently trading near the top of its range. The current spot rate is 0.8692, and a buy entry point of 0.8692 is just below the recent high of 0.8712.
There are a few reasons why AUDCAD could continue to rise in the near term. First, the AUD is generally seen as a commodity currency, and it has been strengthening against the CAD in recent weeks as commodity prices have risen. Second, the Reserve Bank of Australia is expected to raise interest rates more quickly than the Bank of Canada, which could put upward pressure on the AUD against the CAD. Finally, the Australian economy is expected to grow more quickly than the Canadian economy in the near term. This is due to a number of factors, including the strength of the Australian labor market and the country's commodity exports.
Technical analysis:
From a technical perspective, the AUDCAD pair is trading above its 200-day moving average, which is a bullish signal. The pair is also forming a bullish ascending triangle pattern, which is a continuation pattern that typically leads to a breakout to the upside.
Fundamental analysis:
The Australian economy is expected to grow more quickly than the Canadian economy in the near term. This is due to a number of factors, including the strength of the Australian labor market and the country's commodity exports. However, the Reserve Bank of Australia is expected to raise interest rates more quickly than the Bank of Canada, which could put upward pressure on the AUD against the CAD.
Risks:
There are a few risks to consider before entering a trade on AUDCAD. First, the global economy is facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a decline in the AUDCAD pair. Second, the Bank of Canada is expected to continue to pursue an ultra-loose monetary policy, which could put downward pressure on the CAD. Finally, the Australian economy is facing some headwinds, such as the war in Ukraine and the ongoing trade tensions with China. These headwinds could weigh on the AUD and lead to a decline in the AUDCAD pair.
Overall:
I think AUDCAD is a good pair to trade for those who are looking for a long-term bullish trend. However, it is important to remember that the forex market is volatile, and there is always the risk of a reversal. You should always do your own research before entering any trades.
Here are some additional factors that you may want to consider before entering a trade on AUDCAD:
The economic outlook for Australia and Canada.
The level of volatility in the forex market.
The price of commodity prices, such as oil and iron ore.
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.
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.