FxWirePro: AUD/CAD fails to hold gains above 0.9990, retreats to hit session lows at 0.9889
Thursday, March 10, 2016 6:14 AM UTC
- 0.9990 is strong double top (17th Dec and Jan 28th) resistance and AUD/JPY fails to hold gains above.
- The pair closed Wednesday's trade at 0.9911, and in the Asian session today hit session lows at 0.9889.
- The Bank of Canada, on Wednesday, kept its key policy interest rate on hold at 0.5%. BOC accommodative monetary policy and higher oil prices supporting CAD.
- Weakness could extend if pair closes below 0.99 (trendline support), test of 0.9850 then likely.
- Supports on the downside are aligned at 0.9879 (Mar 8th lows), 0.9860 (cloud base) and 0.9847 (Mar 4th lows).
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