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AUD/CAD chart on Trading View used for analysis
- AUD/CAD edges higher from new 25-month lows at 0.9401 and is currently trading at 0.9430.
- Major Trend in the pair is bearish. We see no signs of reversal in trend.
- Canadian dollar remains buoyed on NAFTA news, adding pressure on the pair.
- Price action is below cloud and major moving averages and all major moving averages are sloping downward re-iterating downward bias.
- Bollinger bands are widening signalling continuation on downtrend.
- However, we see a bullish divergence on Stochs on the daily charts which raises need to caution.
- Price is holding support at strong trendline at 0.94. Further weakness likely on break below.
- On the flipside, 5-DMA is immediate resistance at 0.9485. Break above 21-EMA could see short-term reversal.
Support levels - 0.9417 (Aug 15 low), 0.94 (trendline), 0.9365 (June 2015 low)
Resistance levels - 0.9485 (5-DMA), 0.9550 (21-EMA), 0.96
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CAD-on-track-to-test-trendline-support-at-094-break-below-to-accentuate-weakness-1421416) has hit TP1/2.
Recommendation: Book partial profits at lows. Watch out for break below 0.94 for further weakness.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -67.2076 (Neutral), while Hourly CAD Spot Index was at 120.793 (Bullish) at 1100 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
