AUDCAD nicely setup for more downside.
Risk Disclaimer: The content published by this account is for demonstration purposes only and should never be considered financial advice.
We are over extended here. Aussie weakness is coming back into the market, especially fueled by the pressure on metals - however, it will be interesting as a break in that correlation is possible. Oil and other commodities have recently experienced good selling pressure, but have stabilized in the last session at critical levels. We expect oil to run up higher, albeit it's very dependent on OPEC this month. In the event oil catches a bid, we expect this to fuel the CAD strength and thus we find ourselves at a good crossroads to consider this short. It's especially attractive given it has approached multi-year highs.
We are over extended here. Aussie weakness is coming back into the market, especially fueled by the pressure on metals - however, it will be interesting as a break in that correlation is possible. Oil and other commodities have recently experienced good selling pressure, but have stabilized in the last session at critical levels. We expect oil to run up higher, albeit it's very dependent on OPEC this month. In the event oil catches a bid, we expect this to fuel the CAD strength and thus we find ourselves at a good crossroads to consider this short. It's especially attractive given it has approached multi-year highs.