Trading idea for the AUD/CAD

Trading 07 nov 2019 Donner votre avis

Good evening, dear traders. I present to you the trading idea for the AUD/CAD pair. The decision on the Bank of Australia interest rate - to leave it unchanged until 11/05/2019 - was positively received by the market. And almost all instruments with the Australian dollar worked on a major note. Our recommendations on holding longs on the AUD/USD pair also worked perfectly for this news, and those who followed this trading recommendation closed their positions in positive territory.

However, there was only one instrument with AUD, and the potential of longs on which has not yet been fully exhausted. This is AUD/CAD. We have already given recommendations on this instrument and they all closed in positive territory:

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Despite that, the instrument has not yet fulfilled all the goals to the end. I mean the level of 0.91500. And if you want to gain a long position on it, profit can be fixed there. From current prices, the potential will be about 850p for 5zn. But if the instrument rolls back - the potential will be higher. It can be noted that the asset is quite "noisy" and gaining a position, as a rule, is not a problem. The nearest news on it (CAD)- change in employment will be released on Friday at 13:30 UTC+00. It is most likely that the breakdown will take place at this time.

Good luck in trading and see you tomorrow!

The material has been provided by InstaForex Company - www.instaforex.com

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