Canadian Dollar has been under performing other commodity currencies in the current risk-on markets. AUD/CAD’s up trend is continuing this week, despite relatively weak upside momentum. Outlook will stay bullish as long as 0.9586 minor support holds, nonetheless. Rise from 0.8066 should target 38.2% projection of 0.8066 to 0.9696 from 0.9247 at 0.9870 next.
Decisive break there could bring some upside acceleration to 61.8% projection at 1.0254. This level coincides with a structural resistance at 1.0241, part of the multiyear down trend from 1.0784 (2012 high). Reactions from there could decide how powerful the current long term up trend would evolve into.
