I expect the AUDCAD to have a bullish breakout either next week or the week after that on the higher timeframes (Day and Week). They have great job numbers, an extremely strong Trade Balance (in spite of the trade war), and has a housing market awakening from its slumber. This could be one of the building steps towards that breakout and if their reserve bank doesn't do something silly like dropping the interest rate again, the AUD could soar. However, be careful as despite all my rational optimism, there has been an overall negative outlook on the AUD due to the risk-off nature of the current market (caused by the trade war), so trade at your own risk.
Comment:
Successful Breakout!
Comment:
Has Pull Backed below resistance. Keep Monitoring for a more successful breakout as the Canadian Election wraps up.
Comment:
Major Resistance, if it drops any further, the bulls may be in trouble. However, this could be the formation of a double bottom.