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AUDCAD Looking Up Again

by Ashraf Laidi
Feb 16, 2009 13:42 | 4 Comments

AUDCAD Looking Up Again - AUDCAD Feb 16 (Chart 1)

AUDCAD seen pushing higher after the latest negative CAD figures, this time was the biggest decline in manufacturing orders and prolonged foreign selling of Canadian securities. 0.8150 seen as the next upside target, followed by 0.8220. Weekly slow stochastics also a bullish crossover, which suggests 0.8320 for the intermediate term. CAD negativity also seen prolonged ahead vs USD and EUR. Foundation seen holding at 0.800.

 

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Comments (Showing latest 4 of 4) View All Comments
Ashraf Laidi
London, UK
Posts: 0
16 years ago
Feb 18, 2009 18:19
Rob, you're right on all these comments. JPY is down due to the deepening loom (-13% GDP),Fin Min resignation etcc... CAD fundamentals are getting so bad that I view it as a sell against any currency. I didnt expect stocks to take such a hit this early ( was expecting losses later in Q1). so this is complicating the AUDCAD long, The quarterly charts of equities are long term charts. as these losses materialize, we may see EURUSD !.2280-90, USDCAD 1.31

Ashraf
Rob
New York, United States
Posted Anonymously
16 years ago
Feb 18, 2009 14:16
Hi Ashraf,

Thanks for your comments to Hamish, I was thinking that the only reason AUD/CAD wasn't going higher must have been because of risk aversion. Does CAD become a "safe" currency against others because of its association with the USD and US economy?
Also, with your comments yesterday on stock indices sliding another 30-35% - wouldn't that mean a ton more risk aversion coming, further punishing AUD/CAD? Do you have a time frame for AUD/CAD rising, and I presume the hot chart still stands accurate?
Also, is JPY getting punished because of their terrible situation? - I would expect USD and EUR to be losing against JPY with all the risk aversion now and more coming. Thanks for your comments.
Ashraf Laidi
London, UK
Posts: 0
16 years ago
Feb 17, 2009 17:40
Hamish, yes, it could. but the poor CAD data has been just terrible. Risk aversion is punishing AUD hard ! just hand in there.

Ashraf
hamish
vancouver, Canada
Posted Anonymously
16 years ago
Feb 17, 2009 6:32
In this pair, surely as the price of oil gradually moves up CAD will benefit?
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