- AUD/CAD extends downside for 6th successive weak, bias still lower.
- Bank of Canada's surprise decision to hike its policy rate by 25 bps to 1% keeps the CAD supported.
- Weekly charts support downside in the pair. Price action is below weekly cloud and 200W-SMA.
- The pair finds major trendline support at 0.9675, we see weakness only on break below.
- Scope then for test of major trendline support at 0.9630. Further weakness only on violation there.
- On the upside 1H 200-SMA at 0.9797 is immediate resistance. Breakout above could see minor bullishness upto 20-DMA at 0.9863.
Support levels - 0.9723 (88.6% Fib 0.9643 to 1.0345 rally), 0.9675 (Sept 6th low), 0.9643 (Jan 3 lows)
Resistance levels - 0.9748 (5-DMA), 0.9794 (78.6% Fib), 0.9829 (weekly 200-SMA), 0.9912 (61.8% Fib)
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -58.0581 (Neutral), while Hourly CAD Spot Index was at -60.8449 (Neutral) at 0630 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
