AUD/CAD chart on Trading View used for analysis
- AUD/CAD trades 0.40% higher on the day at 0.9293 at the time of writing.
- The pair has broken above 21-EMA at 0.9276 and we see scope for further upside.
- Aussie remains buoyed after upbeat unemployment data, which fell to the lowest since 2012.
- The pair is trading in a major bear trend and rejection at 21-EMA could see resumption of downside.
- That said, momentum is with the bulls on daily charts. Stochs and RSI are sharply higher.
- We also see bullish divergence on RSI and Stochs which adds to bullish bias.
- Decisive breakout at 21-EMA could see test of 23.6% Fib at 0.9373.
Support levels - 0.9276 (21-EMA), 0.9260 (5-DMA), 0.9223 (Oct 16 low), 0.9105 (Oct 4 low)
Resistance levels - 0.93, 0.9373 (23.6% Fib), 0.9390 (55-EMA), 0.9442 (cloud base)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
