- AUD/CAD pauses upside at cloud top, trades 0.18% lower on the day, bias still bullish.
- The pair extends 200-DMA breakout. Break above daily cloud targets 61.8% Fib at 0.9979.
- Aussie bulls dented on Trade Balance miss, AUD/CHF trades 0.32% lower on the day.
- Australian Trade Balance figures contracted more than expected weighing on the AUD.
- The Australian Trade Balance came in at $977 million (in AUD terms), a worse-than-expected contraction compared to the forecast $1 billion measure.
- The pair has broken above 100-DMA and is on track to test 61.8% Fib at 0.9979.
- On the otherside, concerns over oil price declines weigh on CAD, supporting the pair higher.
- Technical indicators are biased higher, momentum studies are bullish. We see weakness only on retrace below 200-DMA.
- Market focus will remained locked onto the ongoing NAFTA talks and Canadian Unemployment figures on Friday.
Support levels - 0.9877 (5-DMA), 0.9819 (200-DMA), 0.98
Resistance levels - 0.9925 (cloud top), 0.9979 (61.8% Fib), 1.00
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CAD-extends-200-DMA-breakout-eyes-618-Fib-at-09979-stay-long-1352723) has hit TP1.
Recommendation: Watch out for break above daily cloud for further upside.
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