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AUD/CAD: Pressured Below $0.86

AUD

Rising Oil prices continue to weigh on AUD/CAD the pair breached the $0.86 handle yesterday to sit at cycle lows. The pair is ~10% below its late January high, and is at its lowest level since April 2020.

  • In early dealing on Thursday we sit at $0.8565/70, a touch below closing levels.
  • The pair is in a firm downtrend, bears target a break of the $0.85 handle which opens the low from 4 April 2020 ($0.8471), low from 26 March 2020 ($0.8367) and $0.8333 a Fibonacci projection.
  • Bulls immediate focus is on regaining the $0.86 handle, this opens the 20-Day EMA ($0.8673) and the high from 4 Sep ($0.8798).
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