Wednesday saw RBC technicals go long..........>

FOREX: Wednesday saw RBC technicals go long AUD/CAD at C$0.9372. They would look

to add at C$0.9200, target C$0.9600, stop loss C$0.9175. RBC note that "AUD/CAD

posted a bullish LT trend reversal above C$0.9026 on Apr 24. Prices have been

consolidating above support at C$0.9247 following a successful re-test of the

breakout trendline in early May. This has allowed the RSI study to work off most

overbought readings since Nov '18 - with the return to more neutral levels

removing an impediment to further gains. Furthermore, RSI above 40 since the

breakout point to underlying bullish sentiment, as does buying strength on the

Bloomberg Fear/Greed index. More importantly, the consolidation has led to the

formation of a bullish flag pattern against 61.8% retracement of the '18-'20

decline at C$0.9413. A daily close above C$0.9413 would complete the flag

pattern (continuation), clearing the way for an extension to the Apr 30 '19 high

at C$0.9510, followed by the Apr 17 '19 high at C$0.9615. Additional resistance

is located at C$0.9730 (76.5% retracement). The bullish backdrop suggests that

pullbacks to support at C$0.9247 will attract buying interest. with a break

below the trendline at C$0.9193 required to damage the uptrend."