FxWirePro: AUD/CAD above 5-DMA, good to go long on dips around 0.9925/30
AUD/CAD is retracing from 1.0169 (multi-month highs) hit on Dec 31st, as loonie battered on oil weakness. Oil prices saw slight rebound as investors expect deal to address a global crude supply glut. OPEC and non-OPEC pr…
AUD/CAD is retracing from 1.0169 (multi-month highs) hit on Dec 31st, as loonie 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.
Markets await Canadian November GDP data due later in the day, expectations are for a rebound in growth after contraction in October.
The pair trades a falling triangle pattern and is awaiting a breakout for further direction.
Stochs and RSI are pointing north for the day, break above 10-DMA at 0.9957 could take the pair to 1.0 levels. We see weakness only below 0.9840 (trendline support).
Recommendation: Good to go long on dips around 0.9925/30, SL: 0.9880, TP: 1.0
