Up till yesterday, AUD has declined 1.7%. against the USD,
1.9% against the CAD since the time we published our last note AUD – The
Correction dated 23 Mar. We had made the tactical call on shorting AUD
against the CAD as we had looked for the divergence of iron ore prices
and oil prices that was observed since the start of 2017 to converge.
Commodity prices tend to move together. In addition, technically, AUDCAD
also showed strong bearish signals. With AUDCAD last seen around