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AUDCAD: Continue Holding Short Position

AUDCAD: Continue Holding Short Position

Ilya Spivak, Head Strategist, APAC

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. I added to the position last week at 1.3700 after prices have now completed a Bearish Engulfing candlestick pattern following a shallow bounce, hinting the move lower is poised to resume. The pair has indeed moved downward and I will continue to hold short, targeting the 38.2% Fibonacci expansion at 1.0281 as the initial objective. A stop-loss will be triggered on a daily close above 1.0598.

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