FxWirePro: AUD/CAD Daily Outlook

AUD/CAD chart - Trading View 

• AUD/CAD extends weakness for the 2nd straight session, trades 0.27% lower at 0.9430 at 0500 GMT.
   
• Price action was rejected at 110-EMA, pair slips below 5-DMA, bias bearish.
   
• Sentiment around the Aussie weighed down by a big drop in Westpac consumer confidence indicator for March.
   
• Australia's consumer confidence tanked 4.8% in March, erasing the 4.3% rise seen in the previous month. 
   
• It was the biggest slide since the end of 2017 and adds to the line of bearish fundamentals for the Aussie.
   
• The pair is currently hovering around 20-DMA support at 0.9430. Break below will see downside till 61.8% Fib at 0.9360.
   
• 5-DMA is immediate resistance at 0.9447. Bearish invalidation only above 110-EMA.

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