News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
AUDCAD: Short Trade Triggered Above 1.04

AUDCAD: Short Trade Triggered Above 1.04

Ilya Spivak, Head Strategist, APAC

I initially sold AUDCAD at 1.0619 as a way to gain exposure to relative Chinese versus US economic growth expectations – with the North American economy expected to accelerate this year as the East Asian giant slows – and booked profits on the position on June 6 at 1.0197 as prices took out falling channel resistance set from mid-March. An attempt to re-enter the position was stopped out last week.


Positioning now looks attractive to try again. Prices are showing a Bearish Engulfing candlestick pattern below 1.0467, the 61.8% Fibonacci retracement, with negative RSI divergence reinforcing the case for a downside scenario. I will re-enter short, initially targeting 1.0291. A stop-loss will be triggered on a daily close above 1.0467.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.