AUD - BEARISH
1️⃣ Australian economy shrank 7.0% on quarter in the Q2 2020 after a 0.3% fall in Q1, posting the largest quarterly contraction since the record began in 1959 and entering the first recession in 30 years.
2️⃣ Investors also moved into the US Dollar on hopes for a rebound in economic activity following better-than-expected U.S. manufacturing activity data.
CAD - BULLISH
1️⃣ CAD boosted by upbeat PMI data, higher oil prices and a weaker dollar. The latest PMI data showed Canada’s factory activity grew for the second straight month and at the sharpest pace in two years as market conditions strengthened following coronavirus lockdowns and rising hopes of a post-pandemic economic recovery.
2️⃣ Oil prices was supported by a bigger-than-expected draw in US crude stockpiles.
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TECHNICAL
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- We're looking to short AUDCAD on pivot point level + SBR level on H1 chart.
- AUDCAD in bearish zone.
1️⃣ Australian economy shrank 7.0% on quarter in the Q2 2020 after a 0.3% fall in Q1, posting the largest quarterly contraction since the record began in 1959 and entering the first recession in 30 years.
2️⃣ Investors also moved into the US Dollar on hopes for a rebound in economic activity following better-than-expected U.S. manufacturing activity data.
CAD - BULLISH
1️⃣ CAD boosted by upbeat PMI data, higher oil prices and a weaker dollar. The latest PMI data showed Canada’s factory activity grew for the second straight month and at the sharpest pace in two years as market conditions strengthened following coronavirus lockdowns and rising hopes of a post-pandemic economic recovery.
2️⃣ Oil prices was supported by a bigger-than-expected draw in US crude stockpiles.
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TECHNICAL
=====
- We're looking to short AUDCAD on pivot point level + SBR level on H1 chart.
- AUDCAD in bearish zone.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.