CW14 Fundamentally we expect a dovish RBA on Monday night and strong unemployment numbers for CAD, poor numbers for either currency will only give us a better entry position.
Both confluences from a downtrending AXY and a uptrending CXY further confirms the sentiment.
AC has been in a long term downward channel with multiple LH LL hence the bearish sentiment, we expect an impulsive breakout due to the wedging pattern and the decreasing volume as well.
We look to enter this trade if price can push up in between the 38.2% and 23.6%.
Both confluences from a downtrending AXY and a uptrending CXY further confirms the sentiment.
AC has been in a long term downward channel with multiple LH LL hence the bearish sentiment, we expect an impulsive breakout due to the wedging pattern and the decreasing volume as well.
We look to enter this trade if price can push up in between the 38.2% and 23.6%.
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*RBA on Tuesday Afternoon GMT+8
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price breaking out of the channel and not making new lows looks as if the bias is changing on the 30m