AUD/CAD chart on Trading View used for analysis
- AUD/CAD trades 0.65% lower on the day at 0.9375 at 1210 GMT, bias bearish.
- The pair has been rejected at 55-EMA and has tested 61.8% Fib at 0.9360.
- Aussie brushes aside upbeat Australia employment data, is extending weakness after Westpac's RBA rate cut call.
- On the other side, WTI hits new 4-month highs above $57 mark, adds support to the commodity-sensitive loonie.
- Technical indicators have turned bearish and break below 61.8% Fib to see dip till 78.6% Fib at 0.9248.
- Retrace above 55-EMA could see test of 200-DMA. Bearish invalidation only above 200-DMA.
Support levels - 0.9360 (61.8% Fib), 0.9281 (Jan 3 low), 0.9248 (78.6% Fib)
Resistance levels - 0.9433 (5-DMA), 0.9451 (21-EMA), 0.9519 (38.2% Fib)
Recommendation: Good to stay short on upticks, SL: 0.9490, TP: 0.93/ 0.9250
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.