Forecast for the currency pair AUD / CAD

Published on 08.05.2020 13:53

Forecast of the currency pair AUD / CAD

Let’s take a look at the the AUD / CAD currency pair. Today's forecast differs significantly from all previous ones in that it is long-term. In the price chart below, we can see the technical resistance area of ​​0.9100-0.9150 is being strongly tested. The possibility of continued growth will only be possible after moving above this marked price range.

I draw your attention to this currency pair today, since the release of disappointing labor market statistics in Canada may put pressure on CAD, thereby triggering growth in the AUD / CAD pair.

Trading look:

The main scenario.

A break and fix of the weekly candle above 0.9150 will indicate a change in long-term sentiment. This scenario takes into account a move to 0.9375 (blue line) and further up to 0.9575.

Buy orders remain a high-risk, and it is important to consider the fact that Australia has already begun reducing quarantine measures. In addition, China is increasing Industrial production, which increases the demand for export of raw materials from Australia. These measures help to strengthen this currency pair, which is a welcome relief after yesterday’s collapse.

The barrier for buyers remains the rise in oil prices, which provides support for the CAD.

The above review is not a direct guide to trading, and can only be classed as a recommendation