Tuesday, June 2, 2015

AUDCAD Sell Recommendation June 3rd 2015

Currency Pair: AUDCAD
Timeframe: Hourly Chart (H1)
Recommendation: Sell AUDCAD @ 0.9660
Take Profit @ 0.9500
Stop Loss @ 0.9710

The AUDCAD enjoyed a sharp rally on the back of strength in the Australian currency, but I think forex traders got a bit ahead of themselves when it comes to their Aussie love and therefore expect a price action reversal back down to support.

Commodity prices remain depressed and China continues to struggle with their economy which present two big headwinds for the Aussie. Sure, the Canadian Dollar is exposed to the same but the recent rally is now vulnerable for some profit taking and therefore I favor a weaker AUDCAD going forward.



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