- AUD/CAD was rejected at session lows by 0.9461 and is currently trading around 0.9488 levels.
- Rally in base metals’ prices, particularly copper, along with upbeat Australian business conditions data supporting the Aussie.
- The NAB Business Conditions for May came in at 10 versus 10 last (revised higher from 9), while confidence ticked lower to 3 versus 5 previous.
- On the 4 hourly chart, the pair has broken major resistances at 0.9455 (trendline) and 200-SMA at 0.9473.
- Next hurdles are located at 0.95, 0.9515 and 0.9545. Supports on the downside are seen at 0.9472 (4H 200-SMA) and then0.9463 (5-DMA).
Recommendation: Good to go long on dips around 0.9475/80, SL: 0.9440, TP: 0.9510/0.9540
