AUD/CAD rallied yesterday after the BoC turned dovish, opening the door to a rate cut. The surge continued during the Asian morning today as well, after Australia announced better than expected employment numbers. From a technical standpoint, the rally brought the rate above the key resistance (now turned into support) zone of 0.9032, that way completing a wide failure swing bottom pattern. That said, AUD/CAD hit resistance at 0.9047, marked by the high of January 3rd, and thus, we will adopt a cautiously-bullish approach for now.


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