FxWirePro: AUD/CAD finds strong support at 200W SMA at 0.9817, weakness likely on break below

• AUD/CAD is consolidating break below 200-DMA at 0.9868, bias still bearish.
   
• The pair hit 8-week lows at 0.9813 before paring some losses to currently trade at 0.9846.
   
• Aussie remains supported on the day on the back of upbeat retail sales data.
   
• Technical studies on weekly charts are highly bearish. Stochs are sharply lower and MACD is on verge of a bearish crossover on signal line.
   
• Downside is holding strong support at 200W SMA at 0.9817. Break below will accentuate weakness.
   
• We see scope for test of 61.8% Fib retracement of 0.91502 to 1.03975 rally at 0.9626.
   
• Retrace and close above 200-DMA could see some consolidation.

Support levels - 0.9817 (200W SMA), 0.9782 (Feb 9 low), 0.9626 (61.8% Fib)

Resistance levels - 0.9868 (200-DMA), 0.9874 (5-DMA), 0.9921 (38.2% Fib)

Recommendation: Good to go short on rallies around 0.9860/70, SL: 0.9960, TP: 0.9820/ 0.9785/ 0.97/ 0.9630.

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