Flash: USD/CAD faces bearish headwinds – UBS

FXstreet.com (New York) - UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's commodity-based currencies and outline the technical positions.

In terms of the AUD/USD, “The pair is consolidating; however with the MACD below its zero line upside should be limited with resistance at 0.9731. Support is at 0.9416 ahead of 0.9326, suggesting a bearish outlook.” In addition, in looking at the USD/CAD, our focus is on the key support at 1.0120 ahead of 1.0027. Meanwhile resistance is at 1.0226 and is indicating a bearish outlook.