Continue to Hold Short AUDCAD Position
I re-entered short AUDUCAD at 1.0441 to regain 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. The pair has started to edge lower and I will continue to hold short, initially targeting the 38.2% Fibonacci expansion at 1.0281. A stop-loss will be triggered on a daily close above 1.0598.
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