Australian and Canadian dollar are both weak currencies, but if we have a quick look at the fundamentals and technicals there may be a good trading opportunity.
The Canadian Manufacturing Shipments from Tuesday exceeded the expectations: 0.3 vs 1.0 m/m and the Retail Sales from yesterday also: 0.3 vs 0.6 m/m. On the other hand we have the Australian dollar which is the currency that reacts the most from the economics data from China. Yesterday the manufacturing data from China was weak.
So the Canadian dollar is getting stronger while the Australian is getting weaker. On the daily chart we have double top and currently there is a test of the neckline. Today at 13:30h GMT time we have Canadian CPI. The previous data were -0.1 and the expected is -0.4. If the data exceeds the expectation I guess that the support at 0.9580 will not hold and the price may rally down to 0.9490.
Good look!
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