AUD/CAD holds minor support at 0.9960, short break below
AUD/CAD has broken 200-DMA on Tuesday's trade and is currently holding minor trendline support at 0.9960.
Break below will see further drag. Technicals support downside, momentum studies are bearish.
Bank of Canada Governor Stephen Poloz said this week that the central bank could raise interest rates sooner than previously thought.
The strength in the Canadian dollar is pretty much in line with the narrowing of the US-Canada 10-year yield spread.
Support levels - 0.9960 (trendline), 0.9912 (61.8% Fib of 0.9644 to 1.0345 rise), 0.9875 (trendline)
Resistance levels - 0.9995 (50% Fib), 1.0036 (200-DMA), 1.0066 (5-DMA)
Good to go short on break below 0.9960, SL: 1.00, TP: 0.9915/ 0.9875
Break below will see further drag. Technicals support downside, momentum studies are bearish.
Bank of Canada Governor Stephen Poloz said this week that the central bank could raise interest rates sooner than previously thought.
The strength in the Canadian dollar is pretty much in line with the narrowing of the US-Canada 10-year yield spread.
Support levels - 0.9960 (trendline), 0.9912 (61.8% Fib of 0.9644 to 1.0345 rise), 0.9875 (trendline)
Resistance levels - 0.9995 (50% Fib), 1.0036 (200-DMA), 1.0066 (5-DMA)
Good to go short on break below 0.9960, SL: 1.00, TP: 0.9915/ 0.9875
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