AUD/CAD chart on Trading View used for analysis
- AUD/CAD trades 0.44% lower on the day. Poor data bolstered the already bearish tone in the AUD.
- Aussie dented after building permits tanked in July, fell sharply, missing the expectations by a big margin.
- Australia's building permits fell 9.4 percent m/m in July, missing forecasts for a rise of 1 percent.
- The annualized figure came in at -13.6 percent, compared to estimate -2.5 percent.
- Technical indicators are biased bearish. Price action has broken below 200 SMA on the monthly charts.
- We see scope for test of 61.8% Fib at 0.8544. Bearish invalidation on retrace above 200M SMA.
- Next support lies at 0.9150 ahead of 50% Fib at 0.8971. While 200M SMA at 0.9482 is major resistance.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -81.0503 (Bearish), while Hourly CAD Spot Index was at 12.5791 (Neutral) at 1245 GMT.
For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
