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11 Nov 2014
AUD/CAD testing seller's stronghold circa 0.9830/40
FXStreet (Bali) - AUD/CAD is testing the topside of its 0.9830/40-0.9750 range, with a firmer Aussie in Asia, adding some upward pressure to the cross in a low key Asian affair.
Sentiment-wise, the Aussie has recently broken a key support at 0.8650, exacerbating the currency's negative technical stance across the board, while the Loonie has been getting firmer over the past week, following a slight recovery in Oil prices coupled with impressive employment figures last Friday.
Technically, the pair needs to see a conclusive break of 0.9830/40 resistance to pave the way for a greater recovery towards 0.9870, 50% fibo retrac Nov 5-6 massive sell-off. On the downside, clearance off 0.98 would likely allow further downward momentum for a potential retest of 0.9770 ahead of 0.9750.
Sentiment-wise, the Aussie has recently broken a key support at 0.8650, exacerbating the currency's negative technical stance across the board, while the Loonie has been getting firmer over the past week, following a slight recovery in Oil prices coupled with impressive employment figures last Friday.
Technically, the pair needs to see a conclusive break of 0.9830/40 resistance to pave the way for a greater recovery towards 0.9870, 50% fibo retrac Nov 5-6 massive sell-off. On the downside, clearance off 0.98 would likely allow further downward momentum for a potential retest of 0.9770 ahead of 0.9750.