AUD/CAD chart - Trading View
- AUD/CAD edges above 61.8% Fib to hit new yearly highs at 0.9614, bias higher.
- Aussie buoyed after Chinese data showed a bigger-than-expected jump in industrial production figures while the Q1 GDP numbers remained steady.
- China's YoY Q1 GDP came at +6.4 percent, above expectations at +6.3 percent and unchanged from +6.4 percent in the previous quarter.
- Also industrial output YoY was a big beat on expectations, printing at +8.5 percent against +5.9 percent expected and +5.3 percent last.
- The pair trades with a bullish bias. Extends gains above 200-DMA, daily cloud and 61.8% Fib.
- Focus on Bank of Canada’s (BOC) business outlook survey report for further impetus.
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CAD-Trade-Idea-1525527) has hit TP1.
Recommendation: Book partial profits. Hold for further upside.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
