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AUDCAD: Holding Short into Bernanke Testimony, Canada Rate Decision

AUDCAD: Holding Short into Bernanke Testimony, Canada Rate Decision

Ilya Spivak, Head Strategist, APAC

I will be holding my AUDCAD short position into today's event risk expecting the Bank of Canada to retain a broadly hawkish tone with its monthly policy announcement while Ben Bernanke disappoints on QE3 hopes, with subsequent risk aversion poised to hurt AUD more so than CAD. The initial objective remains at 1.0291. A stop-loss will be activated on a daily close above 1.0467.

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