Canada's macro data is flashing warning signs retail sales have slumped, GDP is showing stagnation, and market pricing is creeping toward a BoC rate cut as early as July. 

In contrast, Australia remains supported by firm commodity demand, rising equity markets, and a still-waiting RBA. The AUD is also benefiting from an improved risk backdrop following U.S.-China trade de-escalation. 

With central bank trajectories diverging, AUDCAD offers a compelling relative value setup. If the BoC cuts ahead of the RBA, the pair has scope to retest year-to-date highs near 0.90

LONG AUDCAD

Jun 30 2025