FxWirePro: AUD/CAD Extends Recovery from 6-Month Lows at 0.9453, Edges Above 61.8% Fib, Good to Buy Dips

FxWirePro: AUD/CAD Extends Recovery from 6-Month Lows at 0.9453, Edges Above 61.8% Fib, Good to Buy Dips

5 May 2016, 09:41
Roberto Jacobs
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FxWirePro: AUD/CAD Extends Recovery from 6-Month Lows at 0.9453, Edges Above 61.8% Fib, Good to Buy Dips

  • AUD/CAD is extending recovery from 6-month lows at 0.9453 hit post RBA surprise cut. 
  • The pair has cleared 61.8% Fib retrace of the Sept-Dec rally at 0.9539 and is currently trading at 0.9620 levels. 
  • Canada's trade deficit in March widened to a record C$3.41 billion ($2.69 billion) as exports sank for a second month, Statistics Canada said on Wednesday. 
  • Daily price action is contained between 5&10 DMAs currently at 0.9575 and 0.9629 respectively. 
  • On the daily charts, we see a bullish Stochastic rollover from oversold territory and RSI is also biased higher. 
  • Upside finds next hurdle at 0.9650, breaks above could see 0.9680 and then 0.97 levels. 
  • On the downside supports are aligned at 0.9575 (5-DMA), 0.9525 (Apr 29th lows) and 0.95.

Recommendation: Good to buy dips around 0.9610, SL: 0.9575, TP: 0.9650/0.9680

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