AUD/CAD – Headed for 1.0000?

After selling off aggressively on Friday, AUD/CAD extended its losses for the third consecutive trading day. There was no data out of Australia but AUD lagged behind as investors expect continued caution in this week’s RBA minutes. The Canadian dollar on the other hand benefitted from Prime Minster Trudeau’s comment that Trump seems enthusiastic about getting a NAFTA deal. USD/CAD experienced strong gains over the past month and while the Bank of Canada is in no rush to raise interest rates, we could see USD/CAD pullback to 1.30 as oil prices rise and NAFTA concerns ease

Technically, AUD/CAD has fallen below the first standard deviation and the next support level isn’t until the March 9th low of 1.0010.

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