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AUD/CAD dragged below 0.94 again on stops tripping

FXstreet.com (Barcelona) – The AUD/CAD foreign exchange cross rate is last quoted at 0.9397 bids, off recent session and weekly lows at 0.9361 printed on the back of massive Aussie weakness tripping some stops out of AUD/USD below 0.8930 at the Tokyo open.

AUD/CAD suggest another run lower

“We have been dubious about the potential for AUD/CAD to rally significantly as the cross has clearly struggled in the mid/upper 0.95 area (note initial retracement resistance at 0.9545) over the past week or so” said the TD Securities Toronto based FX Research Team, adding: “Price signaled a bearish turn Friday (“gravestone doji”) …read more