Welcome trading legends,
In this blog, we’ll be trading the AUD/CAD asset using the signals provided by the Tools Trades website and the IQ Option broker. Be sure to stick to the end of the video as I’ll be sharing a special promo code with you.
Allow me to explain why I’m trading this particular asset.
The AUD/CAD currency pair is very sensitive to changes in the U.S. dollar exchange rate.
The Australian dollar is the sixth most traded currency in the world. It accounts for 5% of the global forex trades. A high-interest rate in Australia, the forex market being relatively free of government interventions, and the stable Australian economy as well as political system as a whole – all of these trigger the great interest of currency investors in the Aussie.
Australia is an exporter of natural resources, agricultural products, and energy. That is why its economy extremely depends on natural resources. The Canadian dollar is the major commodity currency around the globe, which is always affected by crude oil prices, ferrous and non-ferrous metallurgy, and the coal industry.
However, the main factor is oil, which is quite positive, as crude oil prices are easier to predict.
Since both the Australian and Canadian economies are export-oriented, the AUD/CAD exchange rate is linked to the units of the U.K., EU, and Japan. Such forex trading tools as EUR/USD, GBP/USD, and USD/JPY may be used as trading indicators.
The Australian dollar is directly correlated with gold, and the Canadian unit, in turn, is closely correlated with crude oil. Consequently, the dynamic of AUD/CAD is strongly influenced by gold and oil prices.
As you can see the signals from the Tools Trades website have worked!
The promo code that you see on the screen will give you more trading signals if you use them on the Tools Trades website.
Be sure to watch my other videos on the channel and read the blog page so you learn more. If you want more videos like this be sure to like and subscribe. As we march into the New Year I wish all of you a great trading year ahead with many profitable signals.
Happy New Year and may the Forex be with you.
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