- AUD/CAD is holding above strong trendline support currently at 0.9463. Break below needed for further downside.
- The pair is extending downside from 1-month highs of 0.9545 hit on Tuesday and was rejected at highs by 0.9515 on the day.
- 21-DMA at 0.9440 is immediate support on break below 0.9463. Further weakness to see test of 0.9385 (trendline support).
- Intraday bias for the pair is lower, poor Chinese data to keep Aussie subdued, while rising oil prices likely to support CAD.
- Our previous call (http://www.econotimes.com/FxWirePro-AUD-CAD-finds-stiff-resistance-at-09542-good-to-sell-rallies-218938) has hit TP1.
Recommend holding for downside. Bearish invalidation only above 0.9545.
