AUDCAD ready for downtrend continuation?
From March/April 2013 AUDCAD was in a long term downtrend but more recently has been moving upwards. In my opinion it may have completed a major retracement and may be headed lower again to the area around 0.91-0.92/
In the very long term the current price levels around parity have been a very muddy area for AUDCAD and with the RBA comments last night hinting that it would be helpful if AUDUSD was around 0.8500 levels for their recovery I believe AUDCAD may be a more profitable way to play if it comes through.
Reward ratio on this trade is great if it works out, with a stop just above 1.01 and targeting 0.91-0.92 initially.
In the very long term the current price levels around parity have been a very muddy area for AUDCAD and with the RBA comments last night hinting that it would be helpful if AUDUSD was around 0.8500 levels for their recovery I believe AUDCAD may be a more profitable way to play if it comes through.
Reward ratio on this trade is great if it works out, with a stop just above 1.01 and targeting 0.91-0.92 initially.