Commodity Dollars Extend Losses But CAD Remains Resilient
The Commodity Dollars have been declining in the last couple of days, with AUD/USD and NZD/USD losing more than 100 pips, while USD/CAD broke above 1.36, though we have dipped below again.
The downtrend of the commodity block currencies has been relentless; today there haven´t been any retraces whatsoever in AUD/USD and NZD/USD, unless you count 15-20 pip pullbacks as retraces.
For the Aussie there´s another reason this decline is not stopping. Last night Australian CPI (consumer price index) narrowly missed expectation and AUD/USD lost about 40 pips in minutes after a small spike before the release.
I placed a sell order at 0.7550 and the price reached 0.7553 on my broker platform during that short-lived spike, but it all happened too fast and my order wasn´t filled. That´s too bad because it would have been a winning forex signal for you guys and obviously a winning trade for us, but life isn´t fair.
Anyway, the Canadian Dollar is showing some resilience today after the strong uptrend of the last two weeks. That´s a good sign because the Canadian retail sales numbers were released a while ago and they were negative, which means that retail sales declined this month.
Yet, USD/CAD is still below 1.36, so we´re not seeing a follow through of yesterday´s break, which is a good sign for sellers. I´ve been writing a lot about this forex pair lately, but that´s because I´m preparing to sell this pair for a 500-600 pip target at least, so bear with me guys.
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