AUD/CAD is ready for action

AUD/CAD is ready for action

2019-11-11 • Updated

Trade ideas

SELL at 0.9580; TP 0.9520; SL 0.9600

BUY at 0.9620; TP 0.9660; SL 0.9605

With Canadian economic releases later today at 15:30 MT time, the Canadian dollar is getting ready for the increase in volatility.

There’s an interesting technical setup in AUD/CAD. The picture on D1 looks like a “Head and Shoulders”, although the pattern isn’t confirmed yet. The pair is below 200-day MA (0.9615) and has a scope for a decline to the 38.2% Fibonacci level. Only the advance above the moving average will give the Aussie a chance to test the previous highs.


On H4, the pair’s under the weight of MAs and the oscillator giver negative signs.  



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