• AUD/CAD tests trendline resistance at 0.9940, unable to break higher, edges lower to currently trade at 0.9922.
  
  
• The pair trades a falling triangle pattern and is awaiting a breakout for further direction.
  
  
• AUD/CAD is retracing from 1.0169 (multi-month highs) hit on Dec 31st, as lonnie battered on oil weakness.
  
  
• Oil prices saw slight rebound as investors expect deal to address a global crude supply glut.
  
  
• OPEC and non-OPEC producers could reach consensus to reduce output amid one of the biggest supply gluts in decades.
  
  
• On the data front, Canadian November gross domestic product is scheduled to release on Friday and is expected to reveal a rebound in growth after contraction in October.
  
  
• Support for CAD could see weakness in AUD/CAD, but strong support is seen at 0.9840.
  
  
• We could see weakness only on breaks below, test of 0.9820 and 0.9750 levels then likely.