AUD/USD - Long (Limit Order)
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The Canadian dollar has been on a roll recently, but I'm taking a different approach and buying USDCAD (US dollar strengthens against the Canadian dollar).
I have a limit order set with the following:
Entry: 0.66401
Profit: 0.66704
Stop: 0.66299
1:3 trade targeting 30 pips.
- US Dollar as a Safe Haven:
With economic uncertainties brewing around the globe, the US dollar is often seen as a safe haven currency. Investors flock to the dollar during times of volatility, potentially driving up its value against the CAD. - Weaker Commodity Prices:
Canada is a major exporter of commodities like oil and lumber. A recent dip in commodity prices could weaken the Canadian dollar, making USDCAD more attractive. - Federal Reserve Policy:
The Federal Reserve is expected to continue raising interest rates to combat inflation. This could widen the interest rate differential between the US and Canada, making US dollar-denominated assets more appealing and strengthening USD/CAD.
I have a limit order set with the following:
Entry: 0.66401
Profit: 0.66704
Stop: 0.66299
1:3 trade targeting 30 pips.
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