FxWirePro: AUD/CAD struggles at 200-DMA (0.9823), break above to propel the pair higher

• AUD/CAD is extending gains for the 3rd straight week, scope for further upside.
   
• The pair has broken above 50-DMA and hit 6-week high at 0.9838.
   
• Upside is currently struggling to extend gains above 200-DMA, breakout could propel the pair higher.
   
• Oil slumps as production increases scuttle the bull trend. Producers ponder lifting production limits to combat elevated oil prices.
   
• Weak oil could weigh on the commodity-linked currency - CAD supporting further upside in the pair.
   
• Next bull target above 200-DMA lies at 100-DMA at 0.9858 ahead of 50% Fib at 0.9898.
   
• On the flipside, rejection at 200-DMA could see weakness till 50-DMA at 0.9763. 

Support levels - 0.98, 0.9763 (50-DMA), 0.9754 (5-DMA)

Resistance levels - 0.9858 (100-DMA), 0.9898 (50% Fib), 0.9930 (Mar 29 high)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CAD-struggles-at-21-EMA-good-to-go-long-on-close-above-1322270) has hit all targets.

Recommendation: Book partial profits at highs. Trail SL to 0.9760, hold for 0.9860/ 0.99

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 94.7234 (Neutral), while Hourly CAD Spot Index was at -59.5954 (Neutral) at 1000 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex. 

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