Flash: USD/CAD has intact bullish trend – 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 immediate risk is for a short-term upside before the broader bear trend resumes. Resistance is at 0.9723 ahead of 0.9843, while support is at 0.9528 ahead of 0.9388.” In addition, in looking at the USD/CAD, Focus is on resistance at 1.0447, a beak above which would pave the way to test the major resistance at 1.0524. Support is at 1.0325 ahead of 1.0266, suggesting a bullish short-term outlook.