Free Forex Signals Buy AUD/CAD – 16th June 2021

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Our free forex signals kick off with the Aussie Dollar and the Canadian Dollar. This is the first in a daily series of signals from forexcrunch.

These two commodity-influenced currencies have much in common, but AUD has been in a downtrend  February to April. It bounced off support at the beginning of April at 0.949 to reach 0.976 on 21 April, but then recommenced its weakness against CAD.

It touched its nadir of 0.926 at the beginning of June and has firmed nicely since then.

CPI inflation is up at 08:30 Canadian time, while Australian unemployment figures are due at 21:30 Australia time. The unemployment rate in Australia is currently 5.5%.

The Australian Bureau of Statistics reported in May that Australia’s unemployment rate was at 5.5 per cent. The data from the previous month showed a sixth consecutive fall in the rate. This is testament to the strength of the global economic recovery.

Also, it comes despite the disputes Australia has been having with its largest trading partner China – the main buyer of many of Australia’s commodity exports. Interestingly, Australian youth employment rate is currently at its lowest level since the financial crisis struck in 2008.

Now let’s get to the trading signal.

Free forex signals: AUD/CAD – Buy-Stop

free forex trading signal

We recommend putting a buy-stop order on AUD/CAD, with an entry price of 0.9396 and a stop loss at 0.9338.

Our first take profit (TP1) is 0.9484.

We recommend that you risk only 1% of your account on this trade. The risk/reward ratio is 1:1.5

Instrument: AUD/CAD

Order: BUY STOP

Entry price: 0.9396

Stop Loss: 0.9338

TP1: 0.9484

Recommended Risk: 1%

Risk / Reward Ratio: 1:1.5

Signal validity period: Good until cancelled

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About Author

Gary was the production editor for 15 years at highly regarded UK investment magazine Money Observer. He covered subjects as diverse as social trading and fixed income exchange traded funds. Gary initiated coverage of bitcoin and cryptocurrencies at Money Observer and for three years to July 2020 was the cryptocurrency analyst at the UK’s No. 2 investment platform Interactive Investor. In that role he provided expert commentary to a diverse number of newspapers, and other media outlets, including the Daily Telegraph, Evening Standard and the Sun. Gary has also written widely on cryptocurrencies for various industry publications, such as Coin Desk and The FinTech Times, City AM, Ethereum World News, and InsideBitcoins. Gary is the winner of Cryptocurrency Writer of the Year in the 2018 ADVFN International Awards.

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