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10 Sep 2013
AUD/CAD unable to find bids above 0.96
FXstreet.com (Barcelona) - The AUD/CAD foreign exchange cross rate is last quoted at bids 0.9575 off recent session highs at 0.9583 little changed for the week so far, capped below the 0.96 handle as Aussie finds strong resistance below 0.9250 USD.
AUD/CAD at risk of softening back
“AUD/CAD retains a soft, short-term bias,” said the TD Securities Toronto based FX Research Team, adding: “The soft tone that developed late last week after the market tested the low 0.96 area—the noted pull-back resistance and possibly the top of a rising channel or bear flag—has extended a little more so far today, leaving short-term support at 0.9534 at some risk. Near-term, the cross still looks at some risk of softening back to the 0.94 area. Key, short-tem resistance stands at 0.9640/50 now.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at recent session lows 0.9558, followed by early NY session/Friday's lows at 0.9539/34, and August 19/26 highs at 0.9529. To the upside, closest resistance shows at mentioned recent session highs 0.9583, followed by Monday's weekly highs and Friday's highs at 0.9600, and Wednesday's fresh 7-week highs at 0.9646.
AUD/CAD at risk of softening back
“AUD/CAD retains a soft, short-term bias,” said the TD Securities Toronto based FX Research Team, adding: “The soft tone that developed late last week after the market tested the low 0.96 area—the noted pull-back resistance and possibly the top of a rising channel or bear flag—has extended a little more so far today, leaving short-term support at 0.9534 at some risk. Near-term, the cross still looks at some risk of softening back to the 0.94 area. Key, short-tem resistance stands at 0.9640/50 now.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at recent session lows 0.9558, followed by early NY session/Friday's lows at 0.9539/34, and August 19/26 highs at 0.9529. To the upside, closest resistance shows at mentioned recent session highs 0.9583, followed by Monday's weekly highs and Friday's highs at 0.9600, and Wednesday's fresh 7-week highs at 0.9646.