AUDCAD Chart Technical Outlook under press on weak Australian inflation, rising oil prices, 0.8973 next bearish target.
The Australian Dollar has been underperforming its peers after core inflation missed estimates, opening the door to rate cuts in Australia.
The Canadian Dollar benefits from rising oil prices due to Mid-East tensions. Moreover, Canada reported strong Canadian GDP data.
Support is at 0.8973, then 0.8928. Resistance is at 0.9043, then 0.9086. Bears have taken over – the 4h-50 SMA has broken under the 4h-200 SMA.
