AUD/CAD breaks trendline support, below 20-SMA, short rallies

FX:AUDCAD   Australian Dollar/Canadian Dollar
97 0 3
AUD/CAD             edges lower from 0.9671, intraday bias lower.

The pair has broken minor trendline support and slipped below 20-SMA on the hourly charts.

Technicals support downside, Stochs and RSI on hourly charts are biased lower, MACD has slipped below zero which shows further downside.

Standard & Poor’s in its latest note published on Monday has warned of that they may downgrade the Australian rating if election, budget gridlock continues.

Rating agency Fitch also noted that political gridlock that leads to a sustained widening of Australia's deficit would put downward pressure on the rating.

Fitch however, said that Australia's profile is still consistent with AAA rating and it will assess new government's ability to manage public finances prudently, as well as flexibility in responding to a volatile global economic environment.

Immediate support and resistance for the pair are seen at 0.9637 (10-DMA) and 0.9660 (H 20-SMA).

Good to sell rallies around 0.9660, SL: 0.97, TP: 0.9635/ 0.96/ 0.9580.
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