AUDCAD - Bearish BiasAUD - BEARISH
1️⃣ Sentiment for the Aussie cooled as iron ore futures fell more than 4% on Monday, declining from record highs after China’s steel producers pushed for a regulatory probe into recent skyrocketing prices.
2️⃣ Tensions between Australia and China also impacted investor sentiment, as Global Times noted that Beijing’s top economic planner has excluded Australia from a plan to allow coal imports from several countries without clearance restrictions.
CAD - BULLISH
1️⃣ Boosted by higher oil prices, a weaker dollar and a brighter economic outlook as Canada begins its COVID-19 vaccination campaign.
2️⃣ The Bank of Canada left interest rates at a record low and kept asset purchases steady at $4 billion a week while reinforcing its commitment to provide the monetary policy stimulus needed to support the economic recovery.
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Technical
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We are looking to sell the AUDCAD on the SBR + below SMA 50 on the H1 chart.
