CAD sell on CHFCAD, NZDCAD and AUDCAD
There are three reasons for upcoming CAD weakness:
1- Oil prices going down
2- Bad core data on friday
3- No good results on NAFTA talks
On top of that, we can see double top patterns and the average slowing and reversing.
Try to pick a good entrance point and go short in CADCHF and long in NZDCAD.
Why CADCHF and NZDCAD?, both have plenty of space to make good profits... CHF is flat but recovering a little, while NZD should start some sort of small retracement due to their hawkish statements and the overall recent bounces meaning both pairs have good potential for breakouts...
AUDCAD also as plenty of potential with the trade talks ongoing, but need a little more confirmation.
1- Oil prices going down
2- Bad core data on friday
3- No good results on NAFTA talks
On top of that, we can see double top patterns and the average slowing and reversing.
Try to pick a good entrance point and go short in CADCHF and long in NZDCAD.
Why CADCHF and NZDCAD?, both have plenty of space to make good profits... CHF is flat but recovering a little, while NZD should start some sort of small retracement due to their hawkish statements and the overall recent bounces meaning both pairs have good potential for breakouts...
AUDCAD also as plenty of potential with the trade talks ongoing, but need a little more confirmation.
Comment:
CAD is a LOT stronger than I expected, even with the bad data and bad results on the NAFTA, oil prices also stopped it's drop. Better to get out while possible, I don't recommend going long CAD either, just avoid it for the moment until more news come out that moves it.