💰Take Profit 1 - 0.8839
💰Take Profit 2 - 0.8789
💰Take Profit 3 - 0.8739
❌ Stop loss - 0.9019
Technical analysis:
The AUDCAD pair is currently in a bearish trend, and it is currently trading near the top of its range. The current spot rate is 0.8919, and a sell entry point of 0.8919 is just below the recent high of 0.8939.
The pair is also trading below its 200-day moving average, which is a bearish signal. The pair is also forming a descending triangle pattern, which is a continuation pattern that typically leads to a breakout to the downside.
Fundamental analysis:
The Australian dollar is generally seen as a commodity currency, and it has been weakening against the Canadian dollar as concerns about the global economy have grown.
Second, the Reserve Bank of Australia (RBA) is expected to raise interest rates more slowly than the Bank of Canada (BoC), which could put downward pressure on the AUD against the CAD.
Finally, the Australian economy is expected to grow more slowly than the Canadian economy in the near term. This is due to a number of factors, including the ongoing trade tensions with China.
Risks:
There are a few risks to consider before entering a trade on AUDCAD. First, the global economy is still facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a rise in AUDCAD.
Second, the BoC is also expected to raise interest rates, which could put upward pressure on the Canadian dollar.
Finally, the Chinese economy is expected to weaken in the near term due to the ongoing trade tensions with the US. This could put upward pressure on the CAD against the AUD.
Here are some additional factors that you may want to consider before entering a trade on AUDCAD:
The economic outlook for Australia and Canada.
The level of volatility in the forex market.
The price of commodities, such as iron ore and coal.
💰Take Profit 2 - 0.8789
💰Take Profit 3 - 0.8739
❌ Stop loss - 0.9019
Technical analysis:
The AUDCAD pair is currently in a bearish trend, and it is currently trading near the top of its range. The current spot rate is 0.8919, and a sell entry point of 0.8919 is just below the recent high of 0.8939.
The pair is also trading below its 200-day moving average, which is a bearish signal. The pair is also forming a descending triangle pattern, which is a continuation pattern that typically leads to a breakout to the downside.
Fundamental analysis:
The Australian dollar is generally seen as a commodity currency, and it has been weakening against the Canadian dollar as concerns about the global economy have grown.
Second, the Reserve Bank of Australia (RBA) is expected to raise interest rates more slowly than the Bank of Canada (BoC), which could put downward pressure on the AUD against the CAD.
Finally, the Australian economy is expected to grow more slowly than the Canadian economy in the near term. This is due to a number of factors, including the ongoing trade tensions with China.
Risks:
There are a few risks to consider before entering a trade on AUDCAD. First, the global economy is still facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a rise in AUDCAD.
Second, the BoC is also expected to raise interest rates, which could put upward pressure on the Canadian dollar.
Finally, the Chinese economy is expected to weaken in the near term due to the ongoing trade tensions with the US. This could put upward pressure on the CAD against the AUD.
Here are some additional factors that you may want to consider before entering a trade on AUDCAD:
The economic outlook for Australia and Canada.
The level of volatility in the forex market.
The price of commodities, such as iron ore and coal.