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Weak Chinese Data Yields Opportunity in EUR/AUD, USD/CAD

Weak Chinese Data Yields Opportunity in EUR/AUD, USD/CAD

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- USDCAD trades in symmetrical triangle - watch 1.1185 and 1.0910.

- EURAUD respecting bullish engulfing reversal, needs to hold 1.5275 on pullback.

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Chinese trade data and inflation data over the weekend severely disappointed, leading to weakness in the commodity currency bloc. In USDCAD, a consolidation has formed with a bullish tilt, although we'll respect both sides on a potential break. In EURAUD, the potential for a pullback is brewing but the rebound from last week's lows remains constructive above 1.5275.

--- Written by Christopher Vecchio, Currency Analyst

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