- AUD/CAD struggles at 200-DMA, slips lower from brief break above with a gravestone doji formation.
- The pair is extending choppy trade for the 2nd session, but finds support at 50-DMA at 0.9753.
- Breakout at 200-DMA could propel the pair higher. While break below 50-DMA will see some weakness.
- Next bull target above 200-DMA lies at 100-DMA at 0.9878 ahead of 50% Fib at 0.9898.
- On the flipside, break below 50-DMA at 0.9753 could see drag till 21-EMA at 0.9720.
- Technical indicators are bullish. Focus on BOC monetary policy decision due later today for further direction.
Support levels - 0.9780 (5-DMA), 0.9753 (50-DMA), 0.9720 (21-EMA)
Resistance levels - 0.98, 0.9821 (200-DMA), 0.9858 (100-DMA), 0.9898 (50% Fib)
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 99.0445 (Bullish), while Hourly CAD Spot Index was at -74.9057 (Neutral) at 1130 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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