The AUD/CAD currency pair might rise in the medium-long term, according to our technical analysis. The MACD oscillator will soon turn positive on the daily chart. The double bottom (0.9352) was also rejected. Moreover, the RSI oscillator on the weekly chart is 33.05, and this indicates that the AUD/CAD pair is near oversold territory. According to our analysts, there is also a high probability that Australian economy will grow by 0.9% QoQ.
The most important data of this week:
Australia GDP QoQ (+0.7% expectation); ( +1.0% previous)
YoY (+2.8% expectation); (+3.1% previous)
BOC rate decision (+1.5% expectation); ( +1.5% previous)
Canada Unemployment rate August (+5.9% expectation); (+5.8% previous)