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AUD/CAD has trouble rising

AUD/CAD has trouble rising

Information is not investment advice

AUD/CAD met resistance at the line connecting December and March highs. It failed to close above 10-day MA (0.9515) on Friday and is now testing 200-day MA (0.9497). We see that the path of the least resistance for the pair is to the downside. The decline below 0.9480 will confirm the short-term top and open the way down to 0.9455 (200-period MA on H4) and last week’s lows at 0.9415. To regain strength the Australia dollar needs to get above March 26 high at 0.9526. In this case, the next upside target will be at 0.9623.

AUDCAD h4.png 

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CAD/JPY turned down

CAD/JPY recovered last week to the 78.00 area (38.2% Fibonacci of the February-March decline), but then turned down again getting back below the 50-period MA on the H4.

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