AUDCAD, Daily
President Donald Trump signed executive orders on Tuesday (January 24) to restart the very controversial Keystone XL and Dakota Access pipelines. These routes were designed to make oil trapped in the middle of North America more accessible to consumers, but they both ran into fierce opposition (from environmental activists, Native American groups and Democrats and ultimately were denied permits under former President Barack Obama.
The Loonie was the main beneficiary immediately as it rallied strongly Tuesday and yesterday (Wednesday). Of all the CAD crosses the most interesting is the AUDCAD. The AUD had also suffered from a poor CPI number on Wednesday and a short position was entered on the close yesterday at 0.9897. The pipeline announcements were not a surprise; the AUDCAD had peaked on Monday at 1.0090. Tuesdays news and close took the pair under the 23.6 Fib level and Wednesdays close took it below the 38.2 level and my entry. The RSI rolled over significantly and the parabolic SAR confirmed the move yesterday too. Target 1 is beyond a significant congestion area of the 20, 50 and 200 DMA, a little over the 14 DATR and at the 61.8 Fibonacci level at 0.9788. Target 2 is further down at the psychological 0.9700 and previous congestion area.
https://analysis.hotforex.com/ has had a 100% start to 2017 with five trades achieving both Targets 1 and 2 and a three trades hitting target 1 for a total net gain of 1632 pips.
Click here to access the HotForex Economic calendar.
Want to learn to trade and analyse the markets? Join our latest webinar and get analysis and trading ideas combined with better understanding on how markets work.
Click HERE to register the next webinar will start in:[ujicountdown id=”Next Webinar” expire=”2017/01/31 11:00″ hide=”true” url=”” subscr=”” recurring=”” rectype=”second” repeats=””]
Stuart Cowell
Senior Market Analyst
HotForex
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
