HomeForex UpdatesAUD/CAD staying in down development, dangers extra draw back

AUD/CAD staying in down development, dangers extra draw back

Canadian Greenback has been outperforming different commodity currencies just lately and stays usually agency. There may be prospect of additional rally within the Loonie if BoC opts for a 75bps price hike this week, as a substitute of 50bps.

Taking a look at AUD/CAD, it’s staying properly within the down development from 0.9991 (2021 excessive). Outlook stays bearish so long as 0.8916 minor resistance holds. Break of 0.8744 momentary low will point out down development resumption. Subsequent medium time period goal will likely be 100% projection of 0.9991 to 0.8906 from 0.9514 at 0.8429.

Nonetheless,agency break of 0.8916 will point out brief time period bottoming and convey stronger rebound first.

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