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Chart - Courtesy Trading View
Spot Analysis:
AUD/CAD was trading 0.15% higher on the day at 0.9228 at around 12:00 GMT.
Previous Week's High/ Low: 0.9163/ 0.9054
Previous Session's High/ Low: 0.9220/ 0.9154
Fundamental Overview:
Australia Q4 Wage Price Index printed at +0.7% quarter on quarter, inline with expectations, while year on year, it was 2.3% vs 2.4% expected.
Following the data, the odds of a Reserve Bank of Australia rate hike in June dropped below 50%.
Sanctions on Russia were not as bad as feared helped ease the nervousness over the situation, thus improving risk appetite.
Technical Analysis:
- AUD/CAD is extending bullish streak for the 7th straight session
- Price action has broken above 200-DMA
- GMMA indicator shows minor trend has turned bullish
- The pair is extending gains above daily cloud, Chikou span is biased higher
- Momentum is strongly bullish and volatility is high
Major Support and Resistance Levels:
Support - 0.9205 (200-DMA), Resistance - 0.9245 (55-week EMA)
Summary: AUD/CAD poised for further gains. Watch out for break above 0.9245 for upside continuation.
