FxWirePro: 0.9840 strong support for AUD/CAD, weakness only on breaks below
AUD/CAD tests trendline resistance at 0.9940, unable to break higher, edges lower to currently trade at 0.9922. The pair trades a falling triangle pattern and is awaiting a breakout for further direction. AUD/CAD is retr…
AUD/CAD tests trendline resistance at 0.9940, unable to break higher, edges lower to currently trade at 0.9922.
The pair trades a falling triangle pattern and is awaiting a breakout for further direction.
AUD/CAD is retracing from 1.0169 (multi-month highs) hit on Dec 31st, as lonnie battered on oil weakness.
Oil prices saw slight rebound as investors expect deal to address a global crude supply glut.
OPEC and non-OPEC producers could reach consensus to reduce output amid one of the biggest supply gluts in decades.
On the data front, Canadian November gross domestic product is scheduled to release on Friday and is expected to reveal a rebound in growth after contraction in October.
Support for CAD could see weakness in AUD/CAD, but strong support is seen at 0.9840.
We could see weakness only on breaks below, test of 0.9820 and 0.9750 levels then likely.
