AUD/CAD is currently holding above 200-DMA support at 1.0020, break below will see further drag.
The Canadian dollar supported by BoC positive statements post meeting where it held rates unchanged overnight.
Brent oil regained bid tone in Asia to trade above the $54.00 mark on speculation the OPEC is set to extend the oil output cut deal by nine months.
Momentum studies are bearish, break below 200-DMA will see test of 0.9925 (April 12 low)
Support levels - 1.0020 (200-DMA), 0.9995 (50% Fibo 0.9644 to 1.0345 rise), 0.9925 (April 12 low)
Resistance levels - 1.0072(5-DMA), 1.0129 (20-DMA), 1.0165 (May 18 low)
Good to go short on break below 200-DMA, TP: 0.9995/ 0.9925
The Canadian dollar supported by BoC positive statements post meeting where it held rates unchanged overnight.
Brent oil regained bid tone in Asia to trade above the $54.00 mark on speculation the OPEC is set to extend the oil output cut deal by nine months.
Momentum studies are bearish, break below 200-DMA will see test of 0.9925 (April 12 low)
Support levels - 1.0020 (200-DMA), 0.9995 (50% Fibo 0.9644 to 1.0345 rise), 0.9925 (April 12 low)
Resistance levels - 1.0072(5-DMA), 1.0129 (20-DMA), 1.0165 (May 18 low)
Good to go short on break below 200-DMA, TP: 0.9995/ 0.9925