23 Aug 2013
AUD/CAD almost paring all previous weekly loses shy of 0.9500
FXstreet.com (Barcelona) - The AUD/CAD foreign exchange cross rate is last quoted near session highs at 0.9488 bids, about to break even for the week this far, having dipped to as low as 0.9352 back in Tuesday's London session.
AUD/CAD rebound expectations rekindled
“AUD/CAD gains today may rekindle rebound expectations,” said the TD Securities Toronto based FX Research Team, adding: “At the moment, the market is forming a bullish outside range on the back of the strong intraday AUD rally. Sustained gains through the close would put the recent peak/reversal at 0.9545/50 at risk. We had thought the turn lower in the cross from MA/retracement resistance in the mid 0.95 area represented a firm top but today’s price action (so far, at least) suggests some caution is warranted here. ”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at recent late NY session lows/Wednesday's highs 0.9461, followed by Monday's lows at 0.9403, and /yesterday's/August 15 lows at 0.9376. To the upside, closest resistance shows at current levels as August 11 highs 0.9486, followed by NY session/daily highs at 0.9507, and Monday's weekly highs at 0.9529.
AUD/CAD rebound expectations rekindled
“AUD/CAD gains today may rekindle rebound expectations,” said the TD Securities Toronto based FX Research Team, adding: “At the moment, the market is forming a bullish outside range on the back of the strong intraday AUD rally. Sustained gains through the close would put the recent peak/reversal at 0.9545/50 at risk. We had thought the turn lower in the cross from MA/retracement resistance in the mid 0.95 area represented a firm top but today’s price action (so far, at least) suggests some caution is warranted here. ”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at recent late NY session lows/Wednesday's highs 0.9461, followed by Monday's lows at 0.9403, and /yesterday's/August 15 lows at 0.9376. To the upside, closest resistance shows at current levels as August 11 highs 0.9486, followed by NY session/daily highs at 0.9507, and Monday's weekly highs at 0.9529.