SmoothJB

AUD/CAD---CONTINUE THE DOWNTREND

Short
OANDA:AUDCAD   Australian Dollar/Canadian Dollar
The Australian dollar initially tried to rally against Canadian dollar this past week, but as you can see, we continue to see a lot of selling pressure near the 0.93 handle. We have been grinding lower for a while and it now looks like we are getting ready to rollover to continue the overall downtrend. This does make a certain amount of sense, considering just how strong crude oil suddenly is. At this point, I anticipate that this market will revisit the 0.90 level.
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