I initially sold AUDCAD at 1.0619. Prices are testing above my stop-loss at 1.0664 but I will continue holding the position absent a daily close above that level. If the trade is stopped out, I will look for new selling opportunities in the days ahead to re-establish exposure to the longer-term trend of slowing Chinese economic growth versus improving performance in the US.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.