- AUD/CAD is trading largely muted on the day, made a high of 1.0042 and a low of 1.0016.
- The pair finds major resistance at 1.0043 (weekly 20-SMA), we see further bullishness only on break above.
- On the daily charts, the pair is struggling to see a decisive break above 200-DMA at 1.0026.
- Technical indicators are biased higher, momentum studies bullish.
- Decisive break above 200-DMA could propel pair to new heights. On the flipside, break below 20-DMA at 0.9951 could see reversal.
Support levels - 1.0012 (5-DMA), 0.9951 (20-DMA), 0.9947 (weekly cloud top)
Resistance levels - 1.0043 (weekly 20-SMA), 1.0112 (16.8% Fib of 1.0345 to 0.97348 fall), 1.0133 (cloud top)
Recommendation: Watch out for decisive break above 200-DMA to go long, target 1.0112
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