Canadian Dollar vs Australian Dollar as US-China Trade War Proxy

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.

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