Here we are tracking the bottom in AUDCAD ahead of important Labour data from AUD on Thursday.
On the AUD side there is still a lot of market slack which is keeping wage growth tepid. The Australian economy has been squeezed via China-US trade tensions, which weighed heavy on the Australian housing market via extended balance sheets. The monetary side has performed its lead role in response to this, as has the Fiscal side.
On the CAD side, I believe the CAD money market curve is in need of a reprice, this is a result of recent data suggesting that the supply side in the US is going to spill over into Canada. Here expecting Canadian data to continue softening over the coming weeks.
All eyes on the open today, I am actively buying current levels aggressively...Best of luck all those trading AUDCAD.
Trade closed: target reached
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A delayed update here... First targets 0.9105 cleared. Eyes on RBA tomorrow to settle the deal for 0.938x