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Forex: AUD/CAD broader bear trend in tact – TD Securities

By FXstreet.com,  May 10, 2012, 04:21:00 PM EDT

FXstreet.com (San Francisco) - AUD/CAD traded a broad range between 1.0054 and 1.0137 on Thursday, and recovered all of yesterday's losses on the back of a strong Aussie dollar due to positive jobs data overnight. The pair now hovers around the 1.0105 price zone in early Asia.

"While we are giving today's signal all due respect (assuming gains are sustained through the close), we still think the broader bear trend here is powerful enough to keep AUD/CAD rebounds more or less confined to the bear trend in places in March," says TD Securities. "We look for strong resistance in the high 1.01s from here and very strong resistance (former weekly trend support) at 1.0219."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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