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Long

AUD/CAD extends recovery from 6-month lows, good to buy dips

FX:AUDCAD   Australian Dollar/Canadian Dollar
AUD/CAD             is extending recovery from 6-month lows at 0.9453 hit post RBA surprise cut.

The pair has cleared 61.8% Fib retrace of the Sept-Dec rally at 0.9539 and is currently trading at 0.9620 levels.

Canada's trade deficit in March widened to a record C$3.41 billion ($2.69 billion) as exports sank for a second month, Statistics Canada said on Wednesday.

Daily price action is contained between 5&10 DMAs currently at 0.9575 and 0.9629 respectively.

On the daily charts , we see a bullish Stochastic rollover from oversold territory and RSI is also biased higher.

Upside finds next hurdle at 0.9650, breaks above could see 0.9680 and then 0.97 levels.

On the downside supports are aligned at 0.9575 (5-DMA), 0.9525 ( Apr             29th lows) and 0.95.

Recommendation: Good to buy dips around 0.9610, SL: 0.9575, TP: 0.9650/0.9680
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