AUD/CAD: Pressure building for breakout? – TDS

FXStreet (Guatemala) – Analysts at TD Securities explained that they were cautious on AUD/CAD’s ability to rally last week, despite the appearance of positive price action.

Key Quotes:

“Events have proven that to have been the right approach as the AUD failed to sustain gains through the mid 0.96s, stalled against resistance in the mid/upper 0.97s and is currently pressure short-term support after losing around a cent today.”

“While pressure is building for a broader break out (as the daily range compresses) we remain reluctant to bet on a big move either way at this point. We rather think the 0.94/0.98 range persists for a little longer.”

Analysts at TD Securities explained that they were cautious on AUD/CAD’s ability to rally last week, despite the appearance of positive price action.

(Market News Provided by FXstreet)