AUD/CAD rally rums out of momentum around 0.9450. The pair needs to extend its race higher above this region to enjoy further gains, economists at Scotiabank report.
“Choppier price action and waning bullish momentum suggest the AUD rally is starting to flag. A narrow range (so far) this week rather supports that impression.”
“AUD/CAD is still finding demand on short-term dips but will have to extend gains above 0.9450/60 sooner rather than later (by next week, we estimate) in order to extend gains or downside risks will increase for a test of support in the mid-0.92s (40-day MA).”