AUDCAD Analysis:
AUDCAD has broken the top of the major descending channel.
After breakout, market has retested the broken level and now the price is rebounding from the retest area and higher low area of the minor ascending channel in the 1-hour timeframe chart.
After the confirmation of reversal movement, AUDCAD buy signal is given.
AUDCAD buy signal reached the take profit target successfully
Australian Dollar: Iron Ore prices helped AUD to stronger
Australian Dollar rebounded from the Support zone as US Dollar Fallen more.
US and China on Trade tariff fears, Australia have firm commitments from China
And Pessimism serving between China and Australia due to Australian PM Scott Morrison interfere in South China sea matters.
But Now, Covid-19 spread and Real estate difficulties makes China retain a relationship with Australia, Now slowly begins for Australian Iron Ore imports.
And more commodity materials exports from Australia to China makes the Australian Dollar stronger.
Russia and US sanctions on war fears of Ukraine made Riskier currencies lower prices to trade.
Canadian Dollar: NBF hopes for the Bank of Canada to do five more rate hikes in 2022
National Bank of Canada Analysts expected, Loonie to perform well this year, and the reading may become 1.20 this year.
Canadian inflation data will be 5% this is benefited the Bank of Canada to hike five more times.
Analysts expected BoC versus FED shows 5 Vs four rate hikes is possible.
And Bank of Canada has a target of 1.50% versus the 1.25% target of FED.
So USDCAD makes 1.20 level soon by this rate hikes in proper time intervals in 2022.
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