AUD/USD - Long (Limit Order)

Jun 27

The Canadian dollar has been on a roll recently, but I'm taking a different approach and buying USDCAD (US dollar strengthens against the Canadian dollar).

• US Dollar as a Safe Haven:
  With economic uncertainties brewing around the globe, the US dollar is often seen as a safe haven currency. Investors flock to the dollar during times of volatility, potentially driving up its value against the CAD.
  
  
• Weaker Commodity Prices:
  Canada is a major exporter of commodities like oil and lumber. A recent dip in commodity prices could weaken the Canadian dollar, making USDCAD more attractive.
  
  
• Federal Reserve Policy:
  The Federal Reserve is expected to continue raising interest rates to combat inflation. This could widen the interest rate differential between the US and Canada, making US dollar-denominated assets more appealing and strengthening USD/CAD.
  

I have a limit order set with the following:

Entry: 0.66401
Profit: 0.66704
Stop: 0.66299

1:3 trade targeting 30 pips.

Jul 11

Order cancelled