Instrument: AUDCAD
Bullish Preference:
A buy position is envisaged if the price trades above 0.88019 with take profit at 0.88090
Bearish Preference:
A Sell position is envisaged if the price trades below 0.87749 with take profit at 0.87684.
Fundamentals:
CAD GDP m/m 1:30 PM
Comment:
The Canadian Loonie was slightly stronger after the Bank of Canada surprised traders on Wednesday by raising interest rates to 4.75%, a 22-year high. The greenback was last down 0.09% at C$1.3358. The Australian dollar also gained after the Reserve Bank of Australia on Tuesday raised the cash rate to an 11-year high of 4.1%. It was up 0.91% at $0.6714. We are expecting a high impact news by 1:30pm. Hoping to get a breakout on this pair after a consolidating move between prices 0.87975 and 0.87400
Analysis: SCRUM Team