AUDCAD Analysis
AUDCAD broke the higher low area of the Ascending channel after a long time.
AUDCAD Update
AUDCAD is consolidating at the Breakout area, which leads to the SL price. However, AUDCAD still have chances to fall from the Breakout area
Reason: Due to the release of more economic news mentioned below, the market is not making technical movements at this time.
Why AUD is Stronger
Higher Interest Rates in Australia : The Reserve Bank of Australia has kept interest rates at 4.35%, which means investors earn more when they invest in Australia. This makes the Australian Dollar (AUD) more valuable.
Growing Shopping Activity : People in Australia have been spending more money, as seen in rising retail sales. This shows the economy is doing well, which supports the AUD.
Demand for Australian Exports : Australia sells a lot of iron ore to other countries. When the demand for iron ore stays strong, the AUD also becomes stronger.
Why CAD is Weaker
More People Without Jobs in Canada : The unemployment rate in Canada has gone up to 6.8%, which is not a good sign for the economy. Even though new jobs were added, the number of people looking for work has increased.
Expected Rate Cuts in Canada : The Bank of Canada might reduce its interest rates soon. Lower interest rates make the Canadian Dollar (CAD) less attractive to investors.
Falling Commodity Prices : Canada earns a lot by selling natural resources like oil. When the prices of these resources drop, it reduces the value of the CAD because the country earns less money from exports.
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