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16 Aug 2013
AUD/CAD on corrective channel; is it Aussie’s awakening?
FXstreet.com (Chicago) - AUD/CAD rests stabilizing within 0.9400 zone after 0.12% daily losses on Thursday. Speculators project prices and movements unremittingly while factual data evidences shallow growth in Australia and a weaker-than-expected US economic recovery, affecting the Canadian dollar and commodities prices directly.
Smooth movements, uneasy wills?
Ahead of Debelle’s speech for the RBA in Australia and more manufacturing and foreign investment data in Canada later today, market participants seem to relax after a strong USD sell off and potential Canadian dollar strengthening driven mostly by higher oil prices.
Technical Levels, how much smoothing is enough?
Price action indicates the pair remains trading on 3-year lows despite push-up effort that started at the beginning of August. At 0.9409, the pair trades between supports at 0.9383 (August 13th lows), 0.9351 (August 8th lows) ahead of 0.9318 (July 26th lows) and resistances at 0.9442 (July 14th lows), 0.9471 (July 10th lows) followed by 0.9507 (July 24th lows). The FXstreet.com trend index reports the pair as neutral on one-hour timeframe analysis. Price inaction may be indicative of a corrective market movement as volatility has decreased considerably during the past hours prior to the Asian trading session opening.
Smooth movements, uneasy wills?
Ahead of Debelle’s speech for the RBA in Australia and more manufacturing and foreign investment data in Canada later today, market participants seem to relax after a strong USD sell off and potential Canadian dollar strengthening driven mostly by higher oil prices.
Technical Levels, how much smoothing is enough?
Price action indicates the pair remains trading on 3-year lows despite push-up effort that started at the beginning of August. At 0.9409, the pair trades between supports at 0.9383 (August 13th lows), 0.9351 (August 8th lows) ahead of 0.9318 (July 26th lows) and resistances at 0.9442 (July 14th lows), 0.9471 (July 10th lows) followed by 0.9507 (July 24th lows). The FXstreet.com trend index reports the pair as neutral on one-hour timeframe analysis. Price inaction may be indicative of a corrective market movement as volatility has decreased considerably during the past hours prior to the Asian trading session opening.