FxWirePro: AUD/CAD closes bullish gap, 5-DMA caps upside, bias bearish

• AUD/CAD has closed down the bullish gap open and has extended downside after failing to hold gains above 5-DMA.
   
• The pair is down 0.31% at 0.9758 at the time of writing, bias lower.
   
• Bank of Canada's surprise decision to hike its policy rate by 25 bps to 1% last week keeps the CAD supported.
   
• Weekly charts support downside in the pair. Price action is below weekly cloud and 200-SMA.
   
• Break below minor trendline at 0.9675 raises scope for weakness till 0.9630 (major trendline).
   
• 5-DMA caps upside, we see bearish invalidation only above 20-DMA at 0.99.

Support levels - 0.9723 (88.6% Fib 0.9643 to 1.0345 rally), 0.9675 (Sept 6th low), 0.9643 (Jan 3 lows)

Resistance levels - 0.9793 (5-DMA), 0.9794 (78.6% Fib), 0.9829 (weekly 200-SMA), 0.9912 (61.8% Fib)

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest