AUD/CAD At Short-Term Resistance

AUD/CAD is trading to the upside since it last touched 0.9810. The pair has been in an uptrend for more than a month and is only now showing signs of overbuying. A possible change to the other direction can be expected today as we await the CAD Jobs report scheduled for later today.

If the report is positive we will see the pair move down which would confirm the technical indication of a bearish move in the short-term. On the other hand, if we witness a disappointing data, AUD bulls will have the easy task to push prices above the short-term resistance when CAD bulls have no fundamentals to rely upon.

First support is seen at 1.0230 while first resistance is 1.0305.

The Australian dollar has been having a strong rally against all competitors for the past 2 months relying upon strong fundamentals and stable economic conditions. This makes it one of the strongest currencies to own in the last quarter of the year.

Chart: AUD/CAD H4