AUD/CAD chart on Trading View used for analysis
- AUD/CAD finds no respite from bears, in the red for the 9th straight week.
- The pair hovers around new 28-month lows at 0.9342, bias lower.
- Price action extends declines in downward sloping Wedge pattern and we see next support at Wedge base at 0.9315.
- Break below eyes 0.9245 (Oct 2015 lows) ahead of 0.9168 (July 2013 lows).
- Technical indicators on daily and weekly charts are highly bearish. We see no signs of reversal.
- Focus now on the latest Australian jobs report which is scheduled for release this Thursday.
- Pummeled bulls will be hoping for a positive reading on the Aussie employment figures in order to spur on some bullish movement.
Support levels - 0.9245 (Oct 2015 lows), 0.9168 (July 2013 lows
Resistance levels - 0.9398 (5-DMA), 0.9471 (21-EMA)
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -133.376 (Bearish), while Hourly CAD Spot Index was at 85.931 (Bullish) at 1030 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
