5 Sep 2013
AUD/CAD fresh 2-month highs above 0.96 ahead of Aus trade balance
FXstreet.com (Barcelona) - The AUD/CAD foreign exchange cross rate is last quoted at bids 0.9616, up +2.6% for the week so far ahead of Australia trade balance data at 01:30 GMT and general elections during the weekend.
AUD/CAD little more strong into the near term
“AUD/CAD gains through the low/mid 0.95 area (testing short-term pull-back resistance at 0.9621 now) now confer a little more strength into the near-term outlook,” said the TD Securities Toronto based FX Research Team, adding: “The cross has been consolidating long-term losses over the past month after breaking back through major bear trend resistance. We think a sustained push through 0.9535/45 allows the cross to recover more ground towards the upper 0.97s near-term (0.9769 as the 38.2% Fibonacci retracement derived from the 1.07/0.92 drop).”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at current levels as mid July highs around 0.9620, followed by July 24 highs at 0.9600, and Tuesday's highs at 0.9560. To the upside, closest resistance shows at recent session highs 0.9632, followed by early NY session fresh 2-month highs at 0.9646, and July 17 highs at 0.9655.
AUD/CAD little more strong into the near term
“AUD/CAD gains through the low/mid 0.95 area (testing short-term pull-back resistance at 0.9621 now) now confer a little more strength into the near-term outlook,” said the TD Securities Toronto based FX Research Team, adding: “The cross has been consolidating long-term losses over the past month after breaking back through major bear trend resistance. We think a sustained push through 0.9535/45 allows the cross to recover more ground towards the upper 0.97s near-term (0.9769 as the 38.2% Fibonacci retracement derived from the 1.07/0.92 drop).”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at current levels as mid July highs around 0.9620, followed by July 24 highs at 0.9600, and Tuesday's highs at 0.9560. To the upside, closest resistance shows at recent session highs 0.9632, followed by early NY session fresh 2-month highs at 0.9646, and July 17 highs at 0.9655.