AUDCAD: Leveraging Probabilities for Strategic Long Positions
Key Fundamentals Supporting Bullish Bias:
- Recent strength in commodity prices, particularly iron ore, benefiting Australia's export-driven economy - Expectations of a less hawkish stance from the Reserve Bank of Australia, potentially supporting economic growth - Relative weakness in the Canadian dollar due to concerns over the housing market and oil price volatility
By utilizing probabilities in chart analysis, I can identify optimal entry points for AUDCAD longs while managing risk effectively. This approach allows for a more systematic trading strategy, aligning with the current bullish bias in the AUDCAD pair.