AUD/CAD
AUD/CAD Reverses Lower as China Slowdown, RBA Pause, and Oil Surge Shift Momentum to Loonie
Australian Dollar weakened broadly in the Asian session as renewed selloff in regional equities, disappointing Chinese data, and softer near-term RBA tightening expectations combined to undermine sentiment toward the currency. At the same time, elevated oil prices continued supporting Canadian Dollar, building up the case for the case of a deeper correction in AUD/CAD.
AUD/CAD Targeting Parity as Peace Optimism, Falling Oil and RBA-BoC Divergence Align
AUD/CAD is rapidly moving toward parity as multiple macro forces suddenly align in favor of the Aussie at the same time. The shift from Middle East war fears toward peace optimism is simultaneously boosting risk appetite globally while pressuring oil prices lower—a rare combination that strongly favors AUD over CAD.
AUDCAD Wave Analysis
AUDCAD currency pair recently reversed up from the support zone between the key support level 0.9760 (former monthly high from March) and the 38.2% Fibonacci correction of the upward impulse from March.
AUD/CAD Uptrend Resumes, Path to Parity Hinges on Canada Jobs Data
AUD/CAD is back on the front foot this week, with its uptrend reasserting itself as markets price in a widening gap between a hawkish RBA and a defensive BoC. The spotlight now shifts squarely to Canada's employment report today, which carries outsized importance after a string of weak labor data.
AUD/CAD targets 0.9889 as BoC dovish risk supports breakout setup
AUD/CAD moved higher this week as markets increasingly positioned for a divergence in policy outlook between the RBA and the BoC. Attention now turns to the BoC decision today, where rates are expected to remain unchanged at 2.25% for the third consecutive meeting.
AUDCAD Wave Analysis
AUDCAD currency pair reversed from the resistance area between the key resistance level 0.9735 (which stopped wave i at the end of February) and the upper daily Bollinger Band.
AUD/CAD slumps below 0.9500 as boiling oil prices strengthen Canadian Dollar
AUD/CAD slumps below 0.9500 as boiling oil prices strengthen Canadian Dollar
