AUD/CAD Short

Feb 17, 2020

Both of these curencies are regarded as commodity currencies, CAD is more closely related to US economy because it is their largest trading partner and neighbor. The AUD is more effected by its alignment with Australia and emerging Asian markets. Regarding fundamental analysis for this week, we are expecting bad news for AUD (Employment change and Unemployment rate) also Corona virus news may push AUD down. For CAD we are expecting good news (Manufacturing sales, CPI m/m, Core retails sales m/m). For technical analysis on 1D Chart we can see a triangle chart pattern was formed. In the next days I am axpecting the pice to drop down to the first support (0.8860) or even lower, to the secod support (0.8802).