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16 Sep 2013
AUD/CAD massive short squeeze above 0.9650
FXstreet.com (Barcelona) - The AUD/CAD foreign exchange cross rate is last quoted at bids 0.9625 off recent session/fresh 2-month highs shy of 0.9700 printed on the back of Aussie strength following Larry Summers Fed chairmanship candidate stepping out of the race.
AUD/CAD suggests significant peak in place
“AUD/CAD is just noodling in a range now,” said the TD Securities Toronto based FX Research Team, adding: “Having failed at the top of the rising channel in place since August, downside risks remain significant, however. Daily price patterns suggest a significant peak in place at 0.9645. That has to mean rising pressure for a push below 0.9535 (important, pivotal resistance/support in the recent past) and for the sell off to extend to the low 0.94 region.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at Sept 06/09 highs 0.9602, followed by Friday's highs at 0.9580, and Sept 06/09 lows at 0.9536/39. To the upside, closest resistance shows at Thursday's/Tuesday's/Sept 04 highs 0.9645, followed by recent session fresh 2-month highs at 0.9696, and July 01 highs at 0.9714.
AUD/CAD suggests significant peak in place
“AUD/CAD is just noodling in a range now,” said the TD Securities Toronto based FX Research Team, adding: “Having failed at the top of the rising channel in place since August, downside risks remain significant, however. Daily price patterns suggest a significant peak in place at 0.9645. That has to mean rising pressure for a push below 0.9535 (important, pivotal resistance/support in the recent past) and for the sell off to extend to the low 0.94 region.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at Sept 06/09 highs 0.9602, followed by Friday's highs at 0.9580, and Sept 06/09 lows at 0.9536/39. To the upside, closest resistance shows at Thursday's/Tuesday's/Sept 04 highs 0.9645, followed by recent session fresh 2-month highs at 0.9696, and July 01 highs at 0.9714.