FXstreet.com (San Francisco) - AUD/CAD traded higher on Thursday on the back of a broadly weaker Canadian dollar as crude oil prices tumbled and stock markets slumped, climbing to a 5-day high of 1.0378 before closing NY 0.4% higher on the day at 1.0372 vs. 1.0328, gaining for a second successive day.
“We are still biased towards the downside after last Thursday’s bearish “engulfing” line/outside reversal session,” comments TD Securities. “The AUD is resilient though and a retest of the low 1.04 area cannot be excluded at this point.”
So far this Friday in early Asia, the pair is trading a limited range between 1.0365 and 1.0381, last quoted near the bottom of the range. Should it push higher in the hours ahead, resistance is noted at 1.0400, while support is seen at 1.0340 (14 July high).
“We are still biased towards the downside after last Thursday’s bearish “engulfing” line/outside reversal session,” comments TD Securities. “The AUD is resilient though and a retest of the low 1.04 area cannot be excluded at this point.”
So far this Friday in early Asia, the pair is trading a limited range between 1.0365 and 1.0381, last quoted near the bottom of the range. Should it push higher in the hours ahead, resistance is noted at 1.0400, while support is seen at 1.0340 (14 July high).
