AUDCAD is near to the higher low level of an uptrend line
We expect a bounce-back from this higher low level of an uptrend line.
But, AUDCAD continues to fall as the Canadian Dollar starts to become too strong.
Australian Dollar remains higher after positive Chinese outlook growth reported.
AUDCAD pair starts to fall and reached the stop-loss price by breaking the bottom of the uptrend line (Ascending channel)
Canadian economy faces hard lockdown in Ontario, as restrictions extended from Four to six weeks.
And Steps were taken on the border with Quebec and Manitoba to prevent the movement of residents.
Essential stores operate capacity to 25% as the order given, Toronto health authorities ordered to Shut down the workplaces if more than 5 cases found until spread gets control.
Canadian Dollar may face severe pressure if situations are going worse than expected.
And Oil prices are moving in the ranging market failed to support Canadian Dollar. As assets purchases decline to C$3 billion per week makes now a concern for the Canadian economy to build up.
Australian Dollar remains higher after positive Chinese outlook growth reported.
Vale S.A, a Brazilian mining giant, plans to increase the supply side in Iron ore, as demand less created by Chinese metal firms.
Since more environmental restrictions did in china; Iron ore imports to slightly down from demand.
This will impact the Australian Dollar in the coming months since Iron ore exports only pushed back the Australian Dollar more.
Once Supply increases and demand down, mostly Prices of Iron ore gets down, which will impact the Australian Dollar.
