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11 Sep 2013
AUD/CAD continues being capped below 0.9650
FXstreet.com (Barcelona) - The AUD/CAD foreign exchange cross rate is last quoted at bids 0.9637 off recent session highs at 0.9646 a +0.84% higher for the week so far on the back of Aussie strength despite Loonie also showing strength against USD, but not as much as Aussie.
AUD/CAD improving potential for deeper correction towards 0.97
“AUD/CAD bounced from little above 0.9534 support yesterday and the market has been in a more or less one-way street since, retesting the mid 0.96 channel,” said the TD Securities Toronto based FX Research Team, adding: “The top of the rising channel at 0.9648 continues to slow AUD appreciation but short-term momentum remains AUD-supportive and holding above 0.9534 improves potential for a deeper correction towards 0.97/0.99 in the weeks ahead though. The low 0.99 area (site of the major double top breakdown that drove the cross below 0.92 through early August) remains major resistance.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at recent session lows 0.9627, followed by early London session highs at 0.9623, and Monday/Friday's highs at 0.9601. To the upside, closest resistance shows at mentioned recent double weekly high/Sept 04 highs 0.9646, followed by July 17 highs at 0.9660, and July 05 highs at 0.9674.
AUD/CAD improving potential for deeper correction towards 0.97
“AUD/CAD bounced from little above 0.9534 support yesterday and the market has been in a more or less one-way street since, retesting the mid 0.96 channel,” said the TD Securities Toronto based FX Research Team, adding: “The top of the rising channel at 0.9648 continues to slow AUD appreciation but short-term momentum remains AUD-supportive and holding above 0.9534 improves potential for a deeper correction towards 0.97/0.99 in the weeks ahead though. The low 0.99 area (site of the major double top breakdown that drove the cross below 0.92 through early August) remains major resistance.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at recent session lows 0.9627, followed by early London session highs at 0.9623, and Monday/Friday's highs at 0.9601. To the upside, closest resistance shows at mentioned recent double weekly high/Sept 04 highs 0.9646, followed by July 17 highs at 0.9660, and July 05 highs at 0.9674.