A surge in oil prices this year has helped make the Canadian dollar one of this year’s best performing major currencies. However, the Canadian Dollar weakened Monday after the latest business outlook survey from the Bank of Canada (BoC) showed weaker inflationary pressures in the first-quarter and slower growth in the months ahead suggesting the BoC at a minimum will leave interest rates on hold for the rest of the year.
On the news, the Canadian dollar fell…right into supply on the AUD/CAD. Lets go to the chart to see the trade set-up I took.
Monthly Chart (Curve Time Frame) – monthly
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