garyw2u
Short

AUDCAD ready for downtrend continuation?

FX:AUDCAD   Australian Dollar/Canadian Dollar
69 2 0
From March/April 2013 AUDCAD             was in a long term downtrend but more recently has been moving upwards. In my opinion it may have completed a major retracement and may be headed lower again to the area around 0.91-0.92/
In the very long term the current price levels around parity have been a very muddy area for AUDCAD             and with the RBA comments last night hinting that it would be helpful if AUDUSD             was around 0.8500 levels for their recovery I believe AUDCAD             may be a more profitable way to play if it comes through.
Reward ratio on this trade is great if it works out, with a stop just above 1.01 and targeting 0.91-0.92 initially.
Certainly possible, i think that, technically if AUDUSD can move below 0.89 though AUDCAD could also be a good short. Although in a shorter term analysis it appears to be a rising wedge so bullish breakout would be possible for sure, but I like the ration for this trade. In my opinion it allows a better ratio than going for the bullish move.
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I think it might get bullish here again.
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