- AUD/CAD is extending consolidation after breakout at channel top, scope for further upside.
- The pair has retraced break above minor resistance at 1.0211, has slipped lower to close at 1.02 levels.
- Canadian dollar weakens on the back of dovish BoC and falling crude oil prices.
- Technical studies are bullish on weekly and daily time frame charts.
- We see bullish invalidation on retrace and close below channel top at 1.0155.
Support levels - 1.0181 (78.6% Fib), 1.0165 (channel top), 1.0147 (5-DMA), 1.0052 (61.8% Fib)
Resistance levels - 1.0211 (June 7th high), 1.0258 (88.6% Fib), 1.0275 (major trendline), 1.03
Call update: We had advised a long in our previous call (https://www.econotimes.com/FxWirePro-AUD-CAD-breaks-out-of-channel-top-good-to-go-long-on-dips-1201288).
Recommendation: Bias higher, stay long for targets.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
