Forex Flash: AUD/CAD broader trend still seems to be lower – TD Securities
FXstreet.com (Barcelona) - The AUD/CAD finished the session sharply lower, down 33 pips at 1.0160. This was the lowest daily close since for the pair since October 2012. It was a volatile session with the pair trading as high as 1.0275 earlier in the day after the AUD jobs data, but leaking lower much of the US session.
According to Shaun Osborne, Chief FX Strategist at TD Securities, “AUD/CAD’s overnight push higher has stalled—badly—on the short-term charts and the cross has slipped back to nearer opening levels. The broader trend here still seems to be lower and there is good support coming from the bearish alignmentof the trend momentum oscillators across the short, medium and longer-term timeframes.”
He went on to add, “This suggests limited corrective potential higher from here and ongoing pressure on the downside. Near-term, we look for the sell-off to regain momentum below 1.0205/15 for a push to 1.0100/10 (and potentially 0.9950/1.00).”