During Friday’s trading session AUD/CAD traded within the range of 1.0105-1.0189 and closed at 1.0179, adding 0.51% on a daily basis and 0.11% for the week.
At 11:16 GMT today AUD/CAD was down 0.23% for the day to trade at 1.0156. The pair touched a daily low at 1.0154 at 11:05 GMT.
Fundamental view
Canada
Annualized number of housing starts in Canada probably declined to 195 300 in July from 198 200 in the previous month. Housing starts are considered as a key indicator, reflecting nation’s housing sector’ resilience. In case the number of housing starts rose more than expected, this would provide support to the loonie. Canada’s Mortgage and Housing Corporation will release the official data at 12:15 GMT.
Technical view
According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 1.0158. In case AUD/CAD manages to breach the first resistance level at 1.0210, it will probably continue up to test 1.0242. In case the second key resistance is broken, the pair will probably attempt to advance to 1.0294.
If AUD/CAD manages to breach the first key support at 1.0126, it will probably continue to slide and test 1.0074. With this second key support broken, the movement to the downside will probably continue to 1.0042.
In weekly terms, the central pivot point is at 1.0173. The three key resistance levels are as follows: R1 – 1.0241, R2 – 1.0303, R3 – 1.0371. The three key support levels are: S1 – 1.0111, S2 – 1.0043, S3 – 0.9981.
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