Our free forex trading signal kicks off with the Aussie Dollar and the Canadian Dollar. This is the first in a daily series of signals from forexcrunch.
These two commodity-influenced currencies have much in common, but AUD has been in a downtrend February to April. It bounced off support at the beginning of April at 0.949 to reach 0.976 on 21 April, but then recommenced its weakness against CAD.
It touched its nadir of 0.926 at the beginning of June and has firmed nicely since then.
CPI inflation is up at 08:30 Canadian time, while Australian unemployment figures are due at 21:30 Australia time. The unemployment rate in Australia is currently 5.5%.
The Australian Bureau of Statistics reported in May that Australia’s unemployment rate was at 5.5 per cent. he figures from the previous month showed a sixth consecutive fall in the rate. This is testament to the strength of the global economic recovery.
Also, it comes despite the disputes Australia has been having with its largest trading partner China – the main buyer of many of Australia’s commodity exports. Interestingly, Australian youth employment rate is currently at its lowest level since the financial crisis struck in 2008.
Now let’s get to the trading signal.
Free forex trading signal: AUD/CAD – Buy-Stop
We recommend putting a buy-stop order on AUD/CAD, with an entry price of 0.9396 and a stop loss at 0.9338.
Our first take profit (TP1) is 0.9484.
We recommend that you risk only 1% of your account on this trade. The risk/reward ratio is 1:1.5
Order: BUY STOP
Entry price: 0.9396
Stop Loss: 0.9338
Recommended Risk: 1%
Risk / Reward Ratio: 1:1.5
Signal validity period: Good until cancelled
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