AUDCAD Possible Position for Monthly Short

AUD is vulnerable to take hits from China because of Corona Virus, and AUD is heavily dependent on China. CAD's Gov Bonds show 1 MO & 1-YR in the positive green-zone. The commitment of Traders Chicago Mercantile Exchange shows non commercial bank long contracts at 67.19k - versus 48.63k short positions. Since the end of January the long contracts changed minus (-9,106) meanwhile the short contracts added (6,921) short positions since the end of January. Unemployment & Employment Change came back bullish for CAD, Housing Starts and Building Permits came out bullish as well for the loonie. CAD has depreciated 2.03% on a MTD timeframe. These positive figures might help CAD pick up despite the drop in Oil prices. If OPEC does continue to decide to cut production we can see CAD lag behind the Oil boost. Its on a 88.6 Supply Fib. --- 0.89050 is a Strong Support Price it might act as new resistance if the bears continue to make lower highs and lows. Long Term it is in a downtrend Ideal for Swinging short or scalping on the retests. Possible 850 Pip Swing can take months. Recommend SL around 0.89925.