AUDCAD - BEARISH BIAS.#AUD - Bearish Mode
Recap:
1️⃣ Aussie down because of the rising COVID-19 cases in Australia,disappointing business confidence data and global risk sentiment moved towards negative.
2️⃣ U.S.-China tensions were once again a focus after China ordered the closure of a U.S. consulate in Chengdu and US Secretary of State Mike Pompeo urged China’s citizens to help ‘change the behaviour’ of their government.
Review:
1️⃣ Australia CPI For Q2
- Bearish prediction — Dropped in consumer inflation expectations in Q2.
2️⃣ 2nd quarter GDP figures from key economies, COVID-19 news, and geopolitics will remain the key drivers. A jump in new COVID-19 cases and deteriorating relations with China would likely test support for the Aussie Dollar.
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#CAD - Bullish Mode
Recap:
1️⃣ Retail sales bounced back from April’s slump, with inflationary pressures picking up in June.
2️⃣ Crude oil prices also headed northwards in the week, providing the Loonie with support.
Review:
1️⃣ Canada GDP for May
- Bullish prediction — Stronger trade balance and retail sales.
