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AUDCAD: Stay Short, Aiming Below 1.02

AUDCAD: Stay Short, Aiming Below 1.02

Ilya Spivak, Head Strategist, APAC

I sold AUDUCAD at 1.0441 to regain exposure to relative Chinese versus US economic growth expectations, with the North American economy seen accelerating as the East Asian giant slows. I then added to the trade at 1.0370 as prices completed a Bearish Engulfing candlestick pattern following a corrective bounce. The pair has now closed below my initial target at 1.0281, the 38.2% Fibonacci expansion, and I will now revise the stop-loss lower to be activated on a daily close above 1.0433. The next objective lines up at 1.0184, the 50% Fib.

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