Buy AUD/CAD – 01 Oct 2021
Today’s free forex signals service provides a buy order on AUD/CAD. The pair showed some oversold signs and is now trying to rebound.
It’s trading in the green at 0.9182 level far above 0.9156 today’s low. In the short term it could move sideways before developing a strong move.
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Technically, after the most recent leg down, the AUD/CAD could turn to the upside. Still, we’ll have to wait for confirmation before taking action.
The Aussie has received a helping hand from the Building Approvals and Private Sector Credit indicators, which have reported better than expected data.
If you are new to forex day trading you might want to read our guide before you make your first move.
Canadian GDP In Focus
Later, Canada is set to release its Gross Domestic Product data, which is expected to register a 0.2% drop compared to 0.7% growth in the previous reporting period.
Also, the Manufacturing PMI could bring some action to the AUD/CAD pair today.
Technically, the pair has found support on the 0.9144 historical obstacle and now it has jumped above the median line (ML) of the major descending pitchfork and outside of the minor pitchfork’s body.
Stabilizing above the broken levels may signal further growth. The upside scenario could be invalidated if the pair drops and closes below 0.9144.
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Free forex signals – Buy AUD/CAD at 0.9210
Free forex signals entry price and take profit
Order Type: BUY STOP
Entry price: 0.9210
Stop Loss: 0.9136
My Risk: 1%
Risk / Reward Ratio: 1:1.5
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