Forex: AUD/CAD hits fresh 5-month low 1.0146

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Forex: AUD/CAD hits fresh 5-month low 1.0146

FITITOL--> FXstreet.com (Barcelona) - AUD/CAD is at 1.0153 near session lows printing fresh yearly lows, lowest since late Nov '11. The cross is lower by -0.34% from yesterday's Asia-Pacific open, falling from Wednesday's highs 1.0210, and -1.11% for the week. Recent session lows at 1.0146 break a new 5-month low record now below past week's lows.

"Speculation of more RBA rate moves to come should keep the Australian dollar tone defensive and, with policy prospects looking the other way (eventually) in Canada we look for more AUD/CAD under-performance in the medium-term," TD Securities said in a note Tuesday as cited by WSJ, expanding: “We favour selling rallies and look for a quickish move to the 0.99/1.00 area in the near-term. The broader technical picture suggests that the 0.90/0.94 range is not an unreasonable longer-term target below 0.99.”

According to Scotia Bank: “The 50 day MA has now crossed the 200 day MA to the downside, a longer term bearish signal," the ana lysts at the bank say.

Immediate support to the downside shows at Nov 23 lows 1.0110, while now resistance is seen at recent previous support broken down at 1.0157, followed by April 04 lows 1.0184.