The Canadian and Australian economies both have major resource components, but Canada is far more tied to the health of the U.S. economy, while Australia relies more on commodities exports to China. Both are believed to have housing bubbles and bears are circling. Looking at the currency cross, it appears the Canadian dollar is poised to break out of a basing pattern.
The Canadian dollar also appears in a potentially bullish formation versus Chinese yuan, while Australian dollar looks at risk of breaking down.
The Bear Market Rally Of Oct22-Mar24 Is Over
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The bear market rally which began on October 13, 2022 with an intraday low
of 3,492 topped on March 28, 2024 with an intrday high of 5,265. From top
to bot...
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