- AUD/CAD extends choppy trade below 110-EMA which is strong resistance at 0.9912.
- The Reserve Bank of Australia kept rates unchanged at record low of 1.5 percent. The statement was in line with what was expected.
- Aussie dollar to remain at the mercy of the overall market sentiment. US NFP data due on Friday will be in focus for further impetus.
- AUD/CAD is trading 0.15% higher on the day, with a day's high at 0.9912 and low at 0.9886.
- Technical studies are supporting downside in the pair. RSI below 50, biased lower and momentum is bearish.
- The pair is holding 200-DMA support at 0.9869, break below will see weakness.
Support levels - 0.9871 (200-DMA), 0.9832 (61.8% Fib), 0.9782 (Feb 9 low)
Resistance levels - 0.9909 (5-DMA), 0.9940 (channel base), 0.9989 (38.2% Fib)
Recommendation: Watch out for break below 200-DMA for weakness.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 101.783 (Bullish), while Hourly CAD Spot Index was at 68.1129 (Neutral) at 0520 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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