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1 Nov 2013
AUD/CAD retraces from 0.9888 session highs
FXstreet.com (Chicago) - AUD/CAD reached 0.9888 highs shortly after the release better than expected Australian data.
Australian results released earlier today presented improvements with the AiG performance of Mfg index at 53.2 vs. prior 51.7. The producer price index was 1.9% (YoY) vs. prior 1.2% and expected 1.6%. Chinese data results, the NBS manufacturing PMI and the HSBC manufacturing PMI, were 51.4 and 50.9 respectively, boosting the pair higher. In Canada, the GDP results (MoM) were 0.3% vs. past 0.6% and expected 0.2%.
AUD/CAD Technical Levels
Price action reveals the pair trades around the 61.8% Fibonacci level. Offered at 0.9876, the pair oscillates between the supports aligned at 0.9855 (October 13th highs), 0.9779 (October 10th lows) ahead of 0.9733 (September 30th highs) and the resistances aligned at 0.99 (October 15th highs), 0.9963 (October 19th highs) followed by 1.00 (October 24th highs). After bouncing off 2-week lows yesterday, the pair consolidates a reversal that started yesterday.
Australian results released earlier today presented improvements with the AiG performance of Mfg index at 53.2 vs. prior 51.7. The producer price index was 1.9% (YoY) vs. prior 1.2% and expected 1.6%. Chinese data results, the NBS manufacturing PMI and the HSBC manufacturing PMI, were 51.4 and 50.9 respectively, boosting the pair higher. In Canada, the GDP results (MoM) were 0.3% vs. past 0.6% and expected 0.2%.
AUD/CAD Technical Levels
Price action reveals the pair trades around the 61.8% Fibonacci level. Offered at 0.9876, the pair oscillates between the supports aligned at 0.9855 (October 13th highs), 0.9779 (October 10th lows) ahead of 0.9733 (September 30th highs) and the resistances aligned at 0.99 (October 15th highs), 0.9963 (October 19th highs) followed by 1.00 (October 24th highs). After bouncing off 2-week lows yesterday, the pair consolidates a reversal that started yesterday.