AUD/CAD: Fundamental Review & Forecast

Investors are waiting for the data about Canada's GDP. The CAD can get support from that today. The short deals seem most effective.

Technical Analysis
02 Mac 2018
AUD/CAD: Fundamental Review & Forecast

The rate has consolidated in the range 0.9899-0.9995 CAD since mid-February. Overall, we can see on the chart the continuation of the uptrend which is losing its intensity. The Australian dollar has remained stable, while the Canadian currency is under pressure from falling oil prices, although the price of $60 per barrel is still significantly higher than the price from 2016-2017, when oil cost about $10 less. Oil traditionally becomes cheaper because of the increase in oil reserves in the United States and the growth of oil extraction, with the achievement of new record volumes.

This week all commodity currencies found themselves under pressure due to the strengthening of the US dollar. However, investors expect Canada's GDP data to be published today and the decisions of the Central Banks of both countries, which will be known next week. Therefore, the volatility of the AUD/CAD will increase in the near future. Still, investors do not expect the Central Banks of Canada and Australia to change the rate, although this decision in any case will not support the CAD or AUD. The latest data on the Canadian economy is contradictory. On the one hand, the volume of retail sales in December fell by 0.8%, which is the sharpest decline in retail trades since December 2015. At the same time, for the first time in five months in December the Canadian budget surplus was fixed, which is a positive signal for the Canadian economy.

At the moment, the rates are in the overbought area, as indicated by the Stochastic oscillator. Therefore, the probability of a price correction is high. In addition, the CAD is likely to receive support after the release of GDP data today. Thus, short deals can be effective in the near future. In the medium term, the most optimal would be the deals on the trend. Entry points to the market can also be specified at the levels of 0.9899 and 0.9995 CAD. The achievement of the latter is most likely.

SuperForex
EUR/USD Technical Analysis & Daily Chart

Technical Analysis

EUR/USD Technical Analysis & Daily Chart

The pair has been declining for a few days and we expect the bearish bias to continue.

SuperForex
01 Mac 2018
EUR/USD Technical Analysis

Technical Analysis

EUR/USD Technical Analysis

We have a strong dollar.

SuperForex
01 Mac 2018
NZD/USD: Fundamental Review & Forecast

Technical Analysis

NZD/USD: Fundamental Review & Forecast

The NZD has decreased due to negative economic statistics and FED plans to raise the rate. The deals to buy seem more effective due to the probability of a price correction.

SuperForex
28 Feb 2018