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11 Jun 2013
Flash: USD/CAD faces neutral outlook – UBS
FXstreet.com (New York) - UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's commodity-based currencies and outline the technical positions.
In terms of the AUD/USD, “This morning the pair tested the significant support at 0.9388. A closing break below this would be further negative opening 0.9218 – resistance is at 0.9481 ahead of 0.9674, suggesting a bearish outlook.” In addition, in looking at the USD/CAD, the recent sharp sell-off tested support at 1.0169, a closing break below this would be negative, triggering a deeper sell-off to 1.0120 and then 1.0027. Meanwhile, resistance is at 1.0224.
In terms of the AUD/USD, “This morning the pair tested the significant support at 0.9388. A closing break below this would be further negative opening 0.9218 – resistance is at 0.9481 ahead of 0.9674, suggesting a bearish outlook.” In addition, in looking at the USD/CAD, the recent sharp sell-off tested support at 1.0169, a closing break below this would be negative, triggering a deeper sell-off to 1.0120 and then 1.0027. Meanwhile, resistance is at 1.0224.