AUDCAD daily

RBC added a short AUD/CAD position in its trade of the week portfolio targeting a move towards 0.8600, with a stop at 0.8850.

“The bounce in the AUD-crosses over the last two weeks looks ripe to sell as we await key data in China later in the week,” RBC notes.

“We retain a bias toward USD gains, possibly reinforced this week by month-end flow, which would generally imply CAD outperformance on the G10 crosses,” RBC adds.

For bank trade ideas, check out eFX Plus. For a limited time, get a 7 day free trial, basic for $79 per month and premium at $109 per month. Get it here.

Source: https://www.forexlive.com/news/rbc-trade-of-the-week-sell-audcad-20230830/