AUDCAD, A selling opportunity after a price retracement?
I am looking to sell AUD weakness on the back of poor economic data against possible CAD strength. There may be a retracement back to a 0.618 Fibonacci level (on my chart) this afternoon on the Canadian interest rate announcement at 13:45 GMT. I intent to sell at 0.9125 SL at 0.9175 and TP at 0.9033.
Long term Canada has a better economic outlook than Australia going forward with it riding on the back of the US economy doing better than China (China is a major trading partner of Australia).
This is my view at the moment and could change after the BoC announcement or anything else for that matter. I see a similar selling opportunity with AUDJPY that I may post.
Long term Canada has a better economic outlook than Australia going forward with it riding on the back of the US economy doing better than China (China is a major trading partner of Australia).
This is my view at the moment and could change after the BoC announcement or anything else for that matter. I see a similar selling opportunity with AUDJPY that I may post.
Note
There was a reaction, to the upside, after the cut in Canadian interest rates (which was expected) but my entry price was not filled. I will scratch the trade for now and review after the BoC press conference which is due to start at 14:30 GMT.
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