Long AUD/CAD on channel breakout
AUD/CAD has shown a decisive breakout at channel top, raising scope for further upside.
Canadian dollar weakens on the back of dovish BoC and falling crude oil prices.
On the otherside, the Aussie remains buoyed by stronger Chinese industrial and fixed asset investment data.
Technical studies are bullish on weekly and daily time frame charts.
The pair is now holding minor resistance at 1.0211, break above will see resumption of upside.
We see bullish invalidation on retrace and close below channel top at 1.0155.
Support levels - 1.0155 (channel top), 1.0119 (5-DMA), 1.0052 (61.8% Fib)
Resistance levels - 1.0211 (June 7th high), 1.0258 (88.6% Fib), 1.0275 (major trendline), 1.03
Good to go long on dips around 1.0190/ 1.02, SL: 1.0150, TP: 1.0255/ 1.0275/ 1.03
Canadian dollar weakens on the back of dovish BoC and falling crude oil prices.
On the otherside, the Aussie remains buoyed by stronger Chinese industrial and fixed asset investment data.
Technical studies are bullish on weekly and daily time frame charts.
The pair is now holding minor resistance at 1.0211, break above will see resumption of upside.
We see bullish invalidation on retrace and close below channel top at 1.0155.
Support levels - 1.0155 (channel top), 1.0119 (5-DMA), 1.0052 (61.8% Fib)
Resistance levels - 1.0211 (June 7th high), 1.0258 (88.6% Fib), 1.0275 (major trendline), 1.03
Good to go long on dips around 1.0190/ 1.02, SL: 1.0150, TP: 1.0255/ 1.0275/ 1.03