AUDCAD – One of the best pairs to trade today

Hope you all have a good week, we all need a good week after the volatility we’ve seen in the previous two.

One of the crosses I’m going to be focusing today is the AUDCAD, it is trading in a bullish market condition since last week and the next LT resistance level is at 1.0461:

It is currently trading at 1.0063, we have enough room to take a good trade with a good risk reward-ratio.

Only long opportunities are in play.

Trade Safe!

Raul Lopez
Forex Training

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Raul Lopez

I've been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .

  • Smitak111

    Hello Raul…On the weekly chart, this pair looks ”overbought” to me…I use CCI (20) iIndicator to identify o/b or o/sold conditions.
    WHAT DO YOU THINK? Am I wrong?

    • Hello Smi,

      No, of course you are not wrong, but that is another type of analysis. I’d be careful about using indicators because they all have a lagging factor.

      Eventhough the AUDCAD has been retracing today, I think it is likely to continue its way up to the next LT level.

      Cheers,

      Raul