21 Aug 2013
AUD/CAD capped below 0.9450 on Aussie weakness
FXstreet.com (Barcelona) - The AUD/CAD foreign exchange cross rate is last quoted near session lows at 0.9420 bids, off recent session highs at 0.9450, down -0.83% for the week so far mostly due to Aussie weakness.
AUD/CAD bounce is over
“AUD/CAD failed to make much progress through the 0.9500/50 area in the past few days (40-day MA signal and initial, 23.6% retracement resistance of the 1.07/0.92 drop),” said the TD Securities Toronto based FX Research Team, adding: “Heavy losses yesterday overall (bearish dark cloud cover candle) may, in fact signal that the recent correction is over. Modest gains to the 0.95 area look a sell now with stops above 0.9545.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at recent session lows 0.9412, followed by August 09/13/15 at 0.9382/77, and yesterday's fresh weekly lows at 0.9351. To the upside, closest resistance shows at August 13 highs 0.9439, followed by yesterday's highs at 0.9453, and August 09 highs at 0.9489.
AUD/CAD bounce is over
“AUD/CAD failed to make much progress through the 0.9500/50 area in the past few days (40-day MA signal and initial, 23.6% retracement resistance of the 1.07/0.92 drop),” said the TD Securities Toronto based FX Research Team, adding: “Heavy losses yesterday overall (bearish dark cloud cover candle) may, in fact signal that the recent correction is over. Modest gains to the 0.95 area look a sell now with stops above 0.9545.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at recent session lows 0.9412, followed by August 09/13/15 at 0.9382/77, and yesterday's fresh weekly lows at 0.9351. To the upside, closest resistance shows at August 13 highs 0.9439, followed by yesterday's highs at 0.9453, and August 09 highs at 0.9489.