AUD/CAD holds 200-DMA support, weakness only on break below

FX:AUDCAD   Australian Dollar/Canadian Dollar
AUD/CAD             trades a narrow range on the day, with a high of 0.9820 and a low of 0.9785.

Oil-price weakness, after bearish US rigs count report last week likely to keep CAD depressed.

The pair is holding above major support by 200-DMA at 0.9781, violation there could see test of 0.9722 (50% Fib).

We have evidenced a hammer formation at lows near 0.9761 on Friday's trade, scope for some upside.

38.2% Fib at 0.9816 is immediate hurdle, break above could see test of 20-DMA at 0.9920.

Stochs are at oversold territory, but other indicators are inconclusive.

We recommend waiting for Stochs rollover from oversold levels, with a price breakout above 38.2% Fib at 0.9816 to go long for 0.9920.

On the flipside, short close below 200-DMA at 0.9781, target 0.9722
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