The AUD/CAD pair might continue to rise in the medium-long term, according to our technical and fundamental analysis. The price has already reached EMA 50 on the weekly chart, and the RSI is above 50. Moreover, the MACD is positive on the daily chart.
At the G20 summit meeting in Buenos Aires, Donald Trump agreed not to boost tariffs on $200bn (£157bn) of Chinese goods from 10% to 25% on 1 January. The outcome of the dinner meeting between Donald Trump and Xi Jinping, following months of escalating tensions on trade and other issues, boosted financial markets around the world.
Australian’s economy will continue to grow based on this agreement, Australia is the biggest exporter of commodities and China is the biggest importer.
The most important data of this week:
RBA rate decision (+1.5% expectation); ( +1.5% previous)
Australia GDP QoQ (+0.6% expectation); ( +0.9% previous)
YoY (+3.3% expectation); ( +3.4% previous)
BOC rate decision (+1.75% expectation); ( +1.75% previous)
Canada Unemployment Rate (+5.8% expectation); (+5.8% previous)
Unemmployment Change (+10k expectation); ( +11k previous)