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AUD/CAD – 9700 is a Key Support
The long and painful decline of the Aussie has been the story for the past three months, but lately the downtrend has stalled. Over the past week the declined in AUD have been far less violent and the pair has found support against many counterpairs including the CAD. For AUD/CAD the 9700 level has represented the Maginot line of support that the pair has not been able to breach for the past several weeks. This week the both currencies face important event risk that could determine whether this level holds or falls. In Australia the market will get a look at the latest RBA decision and the employment data. The RBA is unlikely to provide anything fresh to the market, but the labor data could be key especially because it will juxtapose against the Canadian data due at the end of the week. If Aussie numbers disappoint and Canadian numbers impress it could set up the the old North America vs. Asia trade and the 9700 level would give way.
9700 remains the key level for AUD/CAD but a break there could open up a run all the way to 9500 while a break above 9800 would establish a near term bottom in the pair.