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18 Mar 2015
AUD/CAD defends gains around 0.9750
FXStreet (Mumbai) - AUD/CAD remains elevated in the mid-Asian session, largely on the back of Australian dollar strength on a short-covering rally after the recent RBA minutes backed weakness.
AUD/CAD rises from 0.9735
Currently, the AUD/USD trades higher by 0.10% at 0.9751 levels, having previously posted fresh session highs at 0.9761. The AUD/CAD cross snapped previous losses and edged higher as the readers resorted to profit-taking on the AUD shorts after the Reserve Bank of Australia's (RBA) dovish March meeting minutes dragged the Aussie down against its major peers.
Moreover, weak Canadian manufacturing sales which revealed a steep fall in the manufacturing figures, with sales declining 1.7% to CAD51.4 billion in January, against estimates of a decline of 1.2% continue to weigh on the loonie, keeping AUD/CAD buoyed.
AUD/CAD Technical Levels
The pair has an immediate resistance at 0.9761 levels, above which gains could be extended to 0.9790 levels. On the flip side, support is seen at 0.9706 levels from here it to 0.9675 levels.
AUD/CAD rises from 0.9735
Currently, the AUD/USD trades higher by 0.10% at 0.9751 levels, having previously posted fresh session highs at 0.9761. The AUD/CAD cross snapped previous losses and edged higher as the readers resorted to profit-taking on the AUD shorts after the Reserve Bank of Australia's (RBA) dovish March meeting minutes dragged the Aussie down against its major peers.
Moreover, weak Canadian manufacturing sales which revealed a steep fall in the manufacturing figures, with sales declining 1.7% to CAD51.4 billion in January, against estimates of a decline of 1.2% continue to weigh on the loonie, keeping AUD/CAD buoyed.
AUD/CAD Technical Levels
The pair has an immediate resistance at 0.9761 levels, above which gains could be extended to 0.9790 levels. On the flip side, support is seen at 0.9706 levels from here it to 0.9675 levels.