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AUDCAD: Short Trade Triggered on Support Break

AUDCAD: Short Trade Triggered on Support Break

Ilya Spivak, Head Strategist, APAC

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.