Pending AUDCAD SHORT

10 déc. 2019

This week is jam-packed with economic data release from FOMC to ECB to UK election, because of that, if you're a swing trader, better to avoid putting new trade on USD, GBP & EUR.

AUD is my targeted short currency because
-2 negative surprises last week from the economic data release
-the current risk-off sentiment

CAD is my targeted long currency because
-CAD had a good mid-week last week due to the BOC statement that came out much neutral rather than dovish, however, the disappointing job data tanked the CAD completely - but it only provided us a good opportunity to buy CAD as CAD still has a strong central bank BOC to back up the currency as one of the only central banks that is not cutting.

OPEC is looking to cut more oil output alone with Russia which will benefit the shell oil including Canada.

U.S and Canada and Mexico are going to finalize the trade deal which will boost CAD economy as 70% of the export from CAD is to the U.S

The current risk-off sentiment will be negative for both CAD and AUD but more for AUD