Australian Dollar dips notably after weaker than expected consumer inflation data. AUD/CAD’s recovery from 0.9488 could have already completed at 0.9757. Deeper fall could be seen back towards 0.9488 support. Break there will resume the whole decline from 0.9991.
But overall, the fall from 0.9991 is seen as a correction to the up trend from 0.8058 only. Hence, in case of downside extension, strong support should be seen from 0.9247 cluster support level to contain downside and bring rebound. This level coincides with 38.2% retracement of 0.8058 to 0.9991 at 0.9253, as well as 100% projection of 0.9991 to 0.9488 from 0.9757 at 0.9254.
