Tuesday, June 9, 2015

AUDCAD Buy Recommendation June 10th 2015

Currency Pair: AUDCAD
Timeframe: Hourly Chart (H1)
Recommendation: Buy AUCAD @ 0.9450
Take Profit @ 0.9710
Stop Loss @ 0.9350

The AUDCAD corrected as I recommended back on June 3rd (AUDCAD Sell Recommendation June 3rd 2015) and is now trading inside of its support zone. I think the sell-off is complete and that we will see a volatile trade to the upside over the course of this month.

I  went long as I expect a short-covering rally in this currency pair on the back of Aussie strength rather than Loonie weakness. Both currencies enjoyed a decent move, but I think commodity prices will recover and that the Australian Dollar will benefit from it more than the Canadian Dollar.

 PaxForex

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