13 Sep 2013
AUD/CAD building its case for a double top pattern below 0.96
The AUD/CAD foreign exchange cross rate is last quoted at bids 0.9562 off recent session highs at 0.9581 about flat for the week so far, following yesterday's massive sell-off from a mid-term double high at around the 0.9645 level.
AUD/CAD risks geared for further weakness
“Our skepticism about the AUD’s ability to push higher earlier in the week now looks justified,” said the TD Securities Toronto based FX Research Team, adding: “Near-term, risks are geared for further weakness—a drop back under the low 0.95 area would target weakness to the low 0.94s—but we still think the broader trend here may be turning a bit more AUD-constructive. Short-term weakness may still give way to longer-term gains and dips to the low 0.94 area may look an attractive buy.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at recent session lows 0.9555, followed by Monday's/past Friday's lows at 0.9539/35, and yesterday's fresh weekly lows at 0.9516. To the upside, closest resistance shows at mentioned recent session highs 0.9581, followed by Wednesday's lows at 0.9596, and Monday's highs at 0.9602.
AUD/CAD risks geared for further weakness
“Our skepticism about the AUD’s ability to push higher earlier in the week now looks justified,” said the TD Securities Toronto based FX Research Team, adding: “Near-term, risks are geared for further weakness—a drop back under the low 0.95 area would target weakness to the low 0.94s—but we still think the broader trend here may be turning a bit more AUD-constructive. Short-term weakness may still give way to longer-term gains and dips to the low 0.94 area may look an attractive buy.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at recent session lows 0.9555, followed by Monday's/past Friday's lows at 0.9539/35, and yesterday's fresh weekly lows at 0.9516. To the upside, closest resistance shows at mentioned recent session highs 0.9581, followed by Wednesday's lows at 0.9596, and Monday's highs at 0.9602.