Instrument: AUDCAD
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 0.86024 with take profit at 0.86109
Bearish Preference:
A sell position is envisaged if the price trades below 0.85849 with take profit at 0.85743
Fundamentals:
2:30 PM AUD: Monetary Policy Meeting Minutes
Comment:
Oil started off today with a buy. This strength has trickled down to CAD. The Australian Dollar has eased lower to start Monday after a stellar rally last week that posted a 4-month peak. Rock solid jobs data revealed an unemployment rate of 3.6% and has opened the prospect of an RBA hike in a fortnight’s time. The interest rate market is pricing around a 50-50 chance of a 25 basis point lift at their monetary policy meeting on July 4th.
Analysis: SCRUM Team