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23 May 2013
Flash: USD/CAD continues its bullish ascent – UBS
FXstreet.com (Barcelona) - 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, “The pair is under pressure and continues to extend its weakness. There is a strong support at 0.9582, though the risk is for a short-term upside and resistance is at 0.9843.” In addition, in looking at the USD/CAD, with the bull trend in place, focus is on resistance at 1.0447, a break above which would open 1.0524. Support is further down at 1.0251, suggesting a bullish short-term outlook.
In terms of the AUD/USD, “The pair is under pressure and continues to extend its weakness. There is a strong support at 0.9582, though the risk is for a short-term upside and resistance is at 0.9843.” In addition, in looking at the USD/CAD, with the bull trend in place, focus is on resistance at 1.0447, a break above which would open 1.0524. Support is further down at 1.0251, suggesting a bullish short-term outlook.