FxWirePro: AUD/CAD finds major trendline support at 0.9675, break below needed for further weakness

• 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.

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