AUD/CAD Posts New Losses

AUD/CAD is trading in the red for a fifth consecutive day today. The pair reached a low of 0.9871 and is currently trading at 0.9879. The turnaround came at the high of 1.0131 where the Aussie dollar was stopped from going further as it reached major resistance for the long-term. On that day the bears took over and pushed price down to latest low made yesterday at 0.98696.

The pair is still feeling the pressure from the bearish camp which indicates that they might go to first strong support at the 200SMA at levels gravitating towards 0.98.

If this level is broken then bears will try to continue their rally and end up somewhere around 0.93. On the other hand, bulls need a close above 1.0100 in order for them to have the advantage.

Chart: AUD/CAD D1