AUD/CAD is a pair worth watching today, after having sluggish response to RBA minutes. But Canada retail sales featured today could trigger some volatility. There is prospect of major bottoming at 0.8969 considering bullish convergence condition in daily MACD. Also, it’s so far staying above 55 day EMA, which is a positive sign.
However, AUD/CAD will need to firmly take out 0.9335 resistance to indicate completion of the fall from 0.9991 high. Other wise, another fall would remain mildly in favor. On the downside, break of 0.9087 minor support will bring deeper fall to retest 0.8969 low. Break will resume the fall from 0.9991 to 61.8% retracement of 0.8058 to 0.9991 at 0.8796.
