2 Sep 2013
AUD/CAD holding strong above 0.94 on Aussie gains
FXstreet.com (Barcelona) - The AUD/CAD foreign exchange cross rate is last quoted near session highs at 0.9417 up +0.45% from previous weekly close Friday, helped on risk-on sentiment following better than expected China PMI and US stepping back from imminent attack over Syria.
AUD/CAD range trading rather than declining
“We thought the cross had cracked a key short-term support with the move below 0.9355 (minor double top trigger) but the lack of follow-through leaves the AUD range trading rather than declining,” said the TD Securities Toronto based FX Research Team, adding: “We still rather think the AUD’s failure to progress through the mid/upper 0.95s earlier in August leaves the AUD vulnerable to another push lower and a retest of 0.91/0.92. Key resistance remains 0.9535/55 and 0.9600. Support is 0.9345/55.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at August 13 lows 0.9383, followed by July 12/August 20 lows at 0.9355/50, and Wednesday's fresh 3-week lows at 0.9328. To the upside, closest resistance shows at recent session highs 0.9423, followed by Friday's highs at 0.9441, and August 21 highs at 0.9460.
AUD/CAD range trading rather than declining
“We thought the cross had cracked a key short-term support with the move below 0.9355 (minor double top trigger) but the lack of follow-through leaves the AUD range trading rather than declining,” said the TD Securities Toronto based FX Research Team, adding: “We still rather think the AUD’s failure to progress through the mid/upper 0.95s earlier in August leaves the AUD vulnerable to another push lower and a retest of 0.91/0.92. Key resistance remains 0.9535/55 and 0.9600. Support is 0.9345/55.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at August 13 lows 0.9383, followed by July 12/August 20 lows at 0.9355/50, and Wednesday's fresh 3-week lows at 0.9328. To the upside, closest resistance shows at recent session highs 0.9423, followed by Friday's highs at 0.9441, and August 21 highs at 0.9460.