AUDCAD Analysis
AUDCAD is standing exactly at the major support area in the weekly timeframe chart.
In the 4-hour timeframe, AUDCAD is rebounding from the lower lows of the descending channel line.
After the confirmation of uptrend movement AUDCAD Buy signal given.
AUDCAD reached the take profit traget successfully
Australian Dollar: New South Wales facing more Delta variant
Australian Dollar faces higher reading in the market as correction wave shown in the market.
And New South Wales faces more Delta variant cases and announced more lockdowns in many parts of Australia.
Now US FED Symposium meeting held today, based on the Hawkish or Dovish tone made by Powell speech, will define US Dollar in the near term.
And China slower consumption of Iron ore is also impacted by the Australian Dollar.
But RBA will not do rate hikes until 2024, and the Goals of Employment and Inflation rate is possible to achieve in the near term.
Canadian Dollar: the Gulf of Mexico attacked by Storm
Canadian Dollar jumps as 2% from lows, and Oil prices surpassed 68$ after Storm hit in the Gulf of Mexico and stopped Oil Production. This issue supports the Demand for Oil higher in the US and Other Asian countries.
And Bank of Canada will do rate hikes in the second half of 2022 as Before US FED will hike.
So, Commodity currencies like New Zealand Dollar and Australian Dollar, Canadian Dollar makes higher as expected of Tapering soon in the economy and rate hikes.
USDCAD will surpass 1.30 level soon if the Canadian Dollar makes another dip to 83 levels by the end of 2021.
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