Forex Strategy: Australian Dollar Sold Against Canadian Counterpart

RELATED QUOTES

SymbolPriceChange
AUDCAD=X1.0222+0.0014

Strategy: Short AUDCAD at 1.0340, Targeting 1.0260

Prices retesting support-turned-resistance at the bottom of a previously broken rising channel having found initial support at 1.0260 marked by the 38.2% Fibonacci retracement. The overall fundamental backdrop appears to favor weakness, with priced-in expectations suggesting the RBA will continue to cut interest rates over the coming year while the BOC remains on hold. The recent bounce has improved risk/reward parameters and we will now enter short, initially aiming for a return to the 1.0260 level. A stop-loss will be triggered on a daily close above 1.0420.

Forex_Strategy_Australian_Dollar_Sold_Against_Canadian_Counterpart_body_Picture_1.png, Forex Strategy: Australian Dollar Sold Against Canadian Counterpart

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2585+0.0004+0.03%
    USDSGD=X
    1.7412+0.001+0.06%
    EURSGD=X
    2.1152+0.0014+0.07%
    GBPSGD=X
    81.3164+0.0243+0.03%
    SGDJPY=X
    6.1610-0.0017-0.03%
    SGDHKD=X
    2.6022+0.0038+0.15%
    SGDMYR=X
    9,216.0898-39.9365-0.43%
    SGDIDR=X
    4.9688+0.0019+0.04%
    SGDCNY=X
    1.1664+0.0011+0.09%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,292.40+1.80+0.14%
    GCM14.CMX
    19.59-0.10-0.50%
    SIK14.CMX
    91.62-1.25-1.35%
    ^XAU
    3.120.00+0.08%
    HGK14.CMX
    101.78-0.16-0.16%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.74+0.03
    ^FVX
    2.690.00
    ^TNX
    3.460.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    2.22+0.010+0.45%
    JS8.SI
    1.165+0.015+1.30%
    U6C.SI
    0.122-0.001-0.81%
    B22.SI
    1.335-0.020-1.48%
    G13.SI
    1.21-0.005-0.41%
    S53.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.17+0.018+11.84%
    5HH.SI
    0.21+0.020+10.53%
    F86.SI
    0.116+0.010+9.43%
    O2I.SI
    1.315+0.084+6.82%
    O9A.SI
    0.72+0.050+7.46%
    5DP.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.141-0.013-8.44%
    5GD.SI
    0.151-0.009-5.63%
    A03.SI
    0.29-0.010-3.33%
    O08.SI
    0.205-0.005-2.38%
    5CH.SI
    0.30-0.015-4.76%
    K29.SI