Australian Dollar appears to be outperforming other major currencies in this week’s risk-on rally. In particular, AUD/CAD’s strong rebound from affirms near term bullishness Immediate focus is now on 0.9853 minor resistance. Firm break there should confirm that the correction from 0.9898 has completed at 0.9713. Further rally should be seen to retest 0.9898 next.
Decisive break of 0.9898 will resume larger up trend form 0.8058. Next near term target is 61.8% projection of 0.9247 to 0.9898 from 0.9713 at 1.0115.
