AUDCAD Analysis
AUDCAD has reached the higher low of an uptrend line in the 1-hour timeframe chart.
In the 4-hour timeframe chart, the market has reached the previous resistance which has chances to turn into new support.
After the confirmation of uptrend movement AUDCAD Buy signal given.
AUDCAD reached the take profit traget successfully
Australian Dollar: Domestic data outlook
AUDUSD set to higher as US Domestic data Failed to impress last Friday.
And Australia set to report for second Quarter Business inventories and Company Gross profits today.
According to a Bloomberg survey, business inventories are expected to come at 1.3%, and Company gross profit comes at 3.0%.
So many lockdowns in New South Wales and Sydney regions as Daily cases stood at 1200; due to this situation, retail sales dropped to 2.7% in July.
Australian Lockdown costs more jobs and Businesses; if Vaccinations are 70-80% done, then National lockdown will be set to release.
Canadian Dollar: the Gulf of Mexico was attacked by Hurricane
Canadian Dollar rose higher as Oil Prices pullback seen in the market. As the Gulf of Mexico was attacked by extremely dangerous Hurricane flows, Oil production stopped makes Higher demand for Oil in the Market.
And China now controlled the Delta variant; oil consumption turned higher in support of Oil Prices.
And Oil Prices are higher supportive to Canadian Dollar as Exporting Oil and Revenues from oil nation.
USDCAD dropped 0.30% on Friday after FED Powell unimpressed investors’ minds of hawkish tone.
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