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AUDCAD up or down going into next week?


Djamel Brahimi

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Guest Sam Bouman

The AUD/CAD pair has been consolidated for most of last week due to the strength in both pairs, however this coming week I believe it will start trending to the upside and there are a couple of reasons for this.

Firstly due to the easing in tensions between the US and China I feel this will bring some positivity to the markets, and with the Chinese economy greatly having a knock on affect on the Australian economy it is easy to see that any positivity for China will transfer over to Australia’s  economy meaning positivity for the Aussie dollar.

Secondly I believe that oil will fall due to the fact that the EU will now be able to buy Iranian oil once again meaning a greater supply, and as we know any negativity for oil means downside for the Canadian dollar.

Even though overall the Canadian dollar is doing better then the Australian I still feel that the issues mentioned above will mean that the AUDCAD pair will move higher next week.

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