The data published in China has the strongest impact on the Australian currency right now. Our pair continues to decline for the fourth day in a row.
Statements by the Prime Minister of Canada that Donald Trump looks positively on the NAFTA agreement strengthened the rate of the Canadian currency. Furthermore, the increase in oil prices also has strengthened this movement.
Considering our chart, we observe a decrease in the pair from the previously reached highs of the level from May 2017. Therefore, we will look for points to enter short positions and expect the pair to reach the level of 1.0040. However, we expect that after the test of this level the price will go up and resume the downward movement from the level of 1.0120.
This is why we will consider the two nearest scenarios, and in the medium ter, we expect a further decline in our pair.
