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AUD/CAD chart on Trading View used for analysis
- AUD/CAD is trading 0.20% higher on the day at 0.9586 at the time of writing.
- The pair has bounced off 23.6% Fib support on Friday's trade and has edged above 5-DMA.
- We see a Doji formation at 23.6% Fib support which raises scope for further upside.
- The pair is in a near-term bull trend and breakout at 200-DMA could see further upside.
- On the flipside, 20-DMA is strong support and break below will see further weakness.
- Focus now on Australia Capex data for further impetus. Markets expect a +1.0% q/q rise for Australia’s Q3 real private capital expenditure (capex).
Support levels - 0.9532 (23.6% Fib), 0.9522 (20-DMA), 0.9450 (38.2% Fib)
Resistance levels - 0.9651 (200-DMA), 0.9664 (Nov 21 high), 0.97
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
