Grassroots Currency Speculation

The Australian Dollar made a big move today against the Canadian Dollar. The AudCad rose up very smoothly and consistently and it looked like a good play for a Buy order. This was the first time in three weeks that I saw less volatility in the movement of a currency. So this is a sign that the currency markets are starting to become less volatile. It is probably also because both of these currencies are tied to commodities like oil and gold.

The AudCad is trending down as speculators view the Australian economy as being weakened the most by the Coronavirus outbreak. It is a strong trade partner with China and that will be drastically reduced. The numbers are still not in as to how much of a hit the Australian economy will take. On the Canadian side of it Cad is closely tied to Gold so that is in play as people seek safe havens. While in America people are starting to wonder if President Trump is preparing the public enough. AudCad Coronavirus