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20 Aug 2013
AUD/CAD capped below 0.9450 ahead of RBA
FXstreet.com (Barcelona) - The AUD/CAD foreign exchange cross rate is last quoted at 0.9432, off recent session highs at 0.9447, few hours away from the RBA minutes at 01:30 GMT, a -0.66% lower for the week so far.
AUD/CAD at a critical point
“AUD/CAD’s recovery from 0.92 at the start of the month has reached a critical point,” said the TD Securities Toronto based FX Research Team, adding: “The base for a broader rebound in the AUD’s sell-off may be forming but the outlook really hinges on whether the cross can sustain—and improve a little more on—the scale of the rebound seen so far through the balance of the month. At the moment, the AUD recovery looks more of a correction and we still rather think the move down from the 0.99 area is incomplete (we targeted a drop to 0.91 in May as a result of the 1.07/0.99 double top breakdown).”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at recent session lows 0.9425, followed by recent late NY weekly lows at 0.9404, and Thursday's lows at 0.9378. To the upside, closest resistance shows at mentioned session highs 0.9447, followed by Thursday's highs at 0.9475, and August 09 highs at 0.9485.
AUD/CAD at a critical point
“AUD/CAD’s recovery from 0.92 at the start of the month has reached a critical point,” said the TD Securities Toronto based FX Research Team, adding: “The base for a broader rebound in the AUD’s sell-off may be forming but the outlook really hinges on whether the cross can sustain—and improve a little more on—the scale of the rebound seen so far through the balance of the month. At the moment, the AUD recovery looks more of a correction and we still rather think the move down from the 0.99 area is incomplete (we targeted a drop to 0.91 in May as a result of the 1.07/0.99 double top breakdown).”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at recent session lows 0.9425, followed by recent late NY weekly lows at 0.9404, and Thursday's lows at 0.9378. To the upside, closest resistance shows at mentioned session highs 0.9447, followed by Thursday's highs at 0.9475, and August 09 highs at 0.9485.