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12 Sep 2013
AUD/CAD unable to find bids above 0.9650
FXstreet.com (Barcelona) - The AUD/CAD foreign exchange cross rate is last quoted at bids 0.9617 off recent session lows at 0.9609 and highs at 0.9641, slightly lower since previous Asia-Pacific open yesterday, ahead of key risk event this Thursday in the region in the form of Australia jobs data at 01:30 GMT.
AUD/CAD inability to push higher may start to weigh
“The AUD just does not seem to be able to push higher,” said the TD Securities Toronto based FX Research Team, adding: “A lot of interest in the AUD has gone through the market in the past 24 hours, anecdotal evidence suggests, yet AUD/CAD remains capped in the mid 0.96 area—the top of the rising channel in place over the past month. The AUD has looked in a better technical position above 0.9535/45 (now support) in the past week but the inability to push higher may start to weigh on the AUD near-term at least.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at recent session lows 0.9609, followed by Wednesday's lows at 0.9595, and Sept 05 lows at 0.9568. To the upside, closest resistance shows at mentioned recent session highs 0.9641, followed by Sept 04/Tuesday almost 2-month highs at 0.9646, and July 17 highs at 0.9660.
AUD/CAD inability to push higher may start to weigh
“The AUD just does not seem to be able to push higher,” said the TD Securities Toronto based FX Research Team, adding: “A lot of interest in the AUD has gone through the market in the past 24 hours, anecdotal evidence suggests, yet AUD/CAD remains capped in the mid 0.96 area—the top of the rising channel in place over the past month. The AUD has looked in a better technical position above 0.9535/45 (now support) in the past week but the inability to push higher may start to weigh on the AUD near-term at least.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at recent session lows 0.9609, followed by Wednesday's lows at 0.9595, and Sept 05 lows at 0.9568. To the upside, closest resistance shows at mentioned recent session highs 0.9641, followed by Sept 04/Tuesday almost 2-month highs at 0.9646, and July 17 highs at 0.9660.