26 Sep 2013
AUD/CAD on consolidation above 0.9660
FXstreet.com (Chicago) - AUD/CAD extends the bullish trendline and remains within bullish channel fueled by a weaker loonie on oil’s fall.
US oil reserves climb
As the US stockpiles rose, the WTI fell for the sixth consecutive day to 2.5 month lows, fueling the Aussie higher against a weaker loonie. With no official Australian or Canadian data scheduled for today, the pair is subdued to high-correlation pairs and their respective price action.
AUD/CAD Technical Levels
Offered at 0.9666, the pair navigates between supports aligned at 0.9648 (September 11th highs), 0.9620 (September 18th lows) ahead of 0.9594 (September 8th highs) and resistances set at 0.97 (July 9th highs), 0.9725 (July 4th highs) followed by 0.9757 (June 27th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis still above the EMA20. The pair extends the upward trendline from last July 30th and maintains 2.5-month highs.
US oil reserves climb
As the US stockpiles rose, the WTI fell for the sixth consecutive day to 2.5 month lows, fueling the Aussie higher against a weaker loonie. With no official Australian or Canadian data scheduled for today, the pair is subdued to high-correlation pairs and their respective price action.
AUD/CAD Technical Levels
Offered at 0.9666, the pair navigates between supports aligned at 0.9648 (September 11th highs), 0.9620 (September 18th lows) ahead of 0.9594 (September 8th highs) and resistances set at 0.97 (July 9th highs), 0.9725 (July 4th highs) followed by 0.9757 (June 27th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis still above the EMA20. The pair extends the upward trendline from last July 30th and maintains 2.5-month highs.