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AUD/CAD: Long-Term Falling Channel (August 15, 2013)
AUD/CAD’s falling channel on its 4-hour time frame is still holding really well, as the pair is now making another test of the trend line with stochastic in the overbought region.
Sentiment for the Australian dollar remains weak, as the country printed weak jobs growth and a flat retail sales reading last week. Inflation expectations are also down, which suggests that the RBA might hold off any easing for now.
This is mostly a technical trade since sentiment for the Loonie is also on the bearish end. Shorting at market with a stop above .9600 and a target of .9100 would yield a good reward to risk for a swing trade.
By Kate Curtis from Trader's Way.
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