- AUD/CAD pushes 0.56% higher on Monday.
- In the battle of the commodities currencies, AUD comes out on top.
AUD/CAD 1-hour chart
The Australian dollar has confirmed its status at the most risk-sensitive currency after pushing higher with stocks in the US session on Monday. Some headlines came out supporting the US indices and the market turned on its head.
Looking at the hourly chart below, the price broke out of the trendline that had been put in place from the recent lower highs. The 0.9411 area is the next key resistance zone now that the trendline has been broken.
The MACD indicator has also thrown out some bullish signs. The signal lines have now pushed over the mid-lines and the histogram has turned green. The Relative Strength Index is now in an overbought (positive) area but is not yet at the heights of the oversold zone.
This move is also interesting as CAD is more oil sensitive and Brent/WTI moved higher on Monday. AUD is normally more sensitive to base mental and copper is lower on the session. This then confirms that AUD seems to be the risk currency of choice.
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