AUDCAD Analysis
AUDCAD is rebounding from the higher low area of the Ascending channel
AUDCAD Update
AUDCAD is Consolidated at the higher low area, which leads to the SL price. However, AUDCAD still has a chance to rebound from the higher low area.
Reason: Due to the release of more economic news mentioned below, the market is not making technical movements now.
Why AUD is Weaker
Political Uncertainty: US election volatility led to risk aversion, decreasing AUD demand.
Commodity Price Drop: Lower global commodity prices reduce Australia’s export revenue, weakening AUD.
Risk-Off Sentiment: Investors prefer safe-haven assets amid uncertainty, moving away from AUD.
Weak Economic Data: Sluggish Australian economic indicators undermine investor confidence in AUD.
Why CAD is Stronger
Rising Oil Prices: Higher oil prices boost the CAD, as oil is Canada’s largest export, increasing demand for the currency.
Higher Interest Rates: A hawkish Bank of Canada with potential rate hikes makes CAD more attractive to investors, supporting its strength.
Positive Trade Balance: Canada’s exports exceeding imports indicate economic health, drawing in foreign capital and strengthening CAD.
Low Unemployment Rate: A lower-than-expected unemployment rate signals a strong economy, making CAD more appealing and bolstering its value.
Please note In the forex market, technical works 80% of the time, and fundamental works 20% of the time. This time fundamental wins. Be patience and wait for the next good opportunity signal.
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