4 Sep 2013
AUD/CAD posts fresh 1-month highs above 0.9550 ahead of Aus GDP
FXstreet.com (Barcelona) - The AUD/CAD foreign exchange cross rate is last quoted at bids 0.9542, off recent 1-month highs at 0.9560, up +1.77% so far for the week, ahead of Australia GDP at 01:30 GMT.
AUD/CAD consolidating in the downtrend
“AUD/CAD remains range-bound,” said the TD Securities Toronto based FX Research Team, adding: “The AUD is out-performing broadly today and that has driven the cross back to the low/mid 0.95 area that capped in August. We have no strong views here at the moment; broader price signals have pointed to a consolidation in the downtrend rather than an outright reversal, we feel. Sustained gains through 0.9535 may allow for some further, corrective AUD strength. Key medium-term resistance remains distant at 0.9917, however.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at current levels as yesterday's late Asian session highs 0.8540, followed by August 26 highs at 0.9528, and Monday's highs/early NY session lows at 0.9495. To the upside, closest resistance shows at recent session/fresh 1-month highs 0.9557/60, followed by July 01 lows at 0.9580, and July 22/24 highs at 0.9595.
AUD/CAD consolidating in the downtrend
“AUD/CAD remains range-bound,” said the TD Securities Toronto based FX Research Team, adding: “The AUD is out-performing broadly today and that has driven the cross back to the low/mid 0.95 area that capped in August. We have no strong views here at the moment; broader price signals have pointed to a consolidation in the downtrend rather than an outright reversal, we feel. Sustained gains through 0.9535 may allow for some further, corrective AUD strength. Key medium-term resistance remains distant at 0.9917, however.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at current levels as yesterday's late Asian session highs 0.8540, followed by August 26 highs at 0.9528, and Monday's highs/early NY session lows at 0.9495. To the upside, closest resistance shows at recent session/fresh 1-month highs 0.9557/60, followed by July 01 lows at 0.9580, and July 22/24 highs at 0.9595.