{"id":17949,"date":"2021-07-12T07:29:16","date_gmt":"2021-07-12T05:29:16","guid":{"rendered":"https:\/\/bernstein-bank.com\/?p=17949\/"},"modified":"2021-07-12T07:29:16","modified_gmt":"2021-07-12T05:29:16","slug":"whats-up-with-aud-cad","status":"publish","type":"post","link":"https:\/\/bernstein-bank.com\/en\/whats-up-with-aud-cad\/","title":{"rendered":"What’s up with AUD\/CAD?"},"content":{"rendered":"\n\n\n
\n

Gold<\/span>\u00a0 1801,405
\n(-0,36%<\/span>)<\/h4>\n<\/th>\n

\n

EURUSD<\/span>\u00a0 \u00a01,1868
\n(-0,09%<\/span>)<\/h4>\n<\/th>\n

\n

DJIA<\/span>\u00a0 34697,50
\n(+4,38%<\/span>)<\/h4>\n<\/th>\n

\n

OIL.WTI<\/span>\u00a0 74,385
\n(+21,72%<\/span>)<\/h4>\n<\/th>\n

\n

DAX<\/span>\u00a0 \u00a015668,50
\n(+3,21%<\/span>)<\/h4>\n<\/th>\n<\/tr>\n<\/tbody>\n<\/table>\n

It’s been a long time since we’ve written anything about this fascinating cross. Why interesting? Trading it allows you not to depend too much on the general risks hanging over the market. Now we are at the beginning of a potential move. Let’s discuss it.<\/p>\n


\nAUD\/CAD<\/strong><\/p>\n

\"AUDCAD\"<\/p>\n

What can be said by looking at the daily chart of the pair? You can see that since April 21 the Canadian dollar has been rising steadily against the Australian dollar. Our attentive subscribers, even if they don’t follow this cross, will immediately tell why this was happening.
\nIt’s all about rising oil prices, on which the Canadian dollar is highly dependent. And it’s not just the fact that the budget and Canadian oil producers get more money from the oil they sell. It is the investment climate in the industry that matters. If the price of oil goes up, so does investment in new wells, infrastructure, etc. Investments may come from the US, the EU, Japan etc. But the important thing is that any flows of EUR, dollars or yen need to be exchanged for Canadian dollars. And that is what further pushes the Maple Leaf country’s currency up.
\nHowever, in the last couple of months the appreciation of the Canadian dollar against the Australian dollar has stopped. The pair is now in a corridor. The Australian is supported by rising prices of both food and iron ore (which is Australia’s main export). It is a dynamic equilibrium situation.
\nHowever, things could get out of hand rather quickly. The reason is the problems that have arisen within OPEC+. We talked about this recently. There has been a correction in the oil market, but it does not look big yet. And it has had almost no effect on the aud\/cad pair. But what will happen if the correction in the black gold market continues? Most likely, the cross will break out of its corridor upwards. It will try to reach the parity level again, with the nearest targets at 0.95 and 0.97. The first signal is a break-down of the 50-day moving average (red SMA). The price has been testing it for 4 trading sessions already. But so far all the attempts of the bulls were repulsed.
\nWill this scenario hold true? Perhaps we will find out as early as this week.<\/p>\n

11.00 Address by ECB Vice-President de Guindos
\n15.30 FOMC member Williams speech<\/p>\n

\n

Important Notes on This Publication: <\/small><\/p>\n

The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice.<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Gold\u00a0 1801,405 (-0,36%) EURUSD\u00a0 \u00a01,1868 (-0,09%) DJIA\u00a0 34697,50 (+4,38%) OIL.WTI\u00a0 74,385 (+21,72%) DAX\u00a0 \u00a015668,50 (+3,21%) It’s been a long time since we’ve written anything about this fascinating cross. Why interesting?…<\/p>\n","protected":false},"author":37,"featured_media":17595,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-17949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nWhat's up with AUD\/CAD? | Bernstein Bank<\/title>\n<meta name=\"description\" content=\"It's been a long time since we've written anything about this fascinating cross. 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