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26 Aug 2013
AUD/CAD capped below the 0.95 handle
FXstreet.com (Barcelona) - The AUD/CAD foreign exchange cross rate is last quoted little changed from previous weekly close Friday at 0.9488, off recent session and weekly highs so far at 0.9510.
AUD/CAD needs to do more to keep moving higher
“AUD/CAD has seen a little more follow through buying following Thursday’s strong gains,” said the TD Securities Toronto based FX Research Team, adding: “But we are still a little cautious on the potential for a deeper rebound in the cross because the turn lower in the cross from MA/retracement resistance in the mid 0.95 area Monday represented a firm top. AUD/CAD had a good day Thursday but the market still needs to do more (trade through the 0.9565/75 area) to underpin a deeper technical rebound.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at August 15 highs and weekly close 0.9477, followed by Wednesday's highs at 0.9461, and past Monday's lows at 0.9403. To the upside, closest resistance shows at recent session highs 0.9510, followed by past Monday's weekly highs at 0.9529, and August 16 highs at 0.9537.
AUD/CAD needs to do more to keep moving higher
“AUD/CAD has seen a little more follow through buying following Thursday’s strong gains,” said the TD Securities Toronto based FX Research Team, adding: “But we are still a little cautious on the potential for a deeper rebound in the cross because the turn lower in the cross from MA/retracement resistance in the mid 0.95 area Monday represented a firm top. AUD/CAD had a good day Thursday but the market still needs to do more (trade through the 0.9565/75 area) to underpin a deeper technical rebound.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at August 15 highs and weekly close 0.9477, followed by Wednesday's highs at 0.9461, and past Monday's lows at 0.9403. To the upside, closest resistance shows at recent session highs 0.9510, followed by past Monday's weekly highs at 0.9529, and August 16 highs at 0.9537.