Australian Dollar Rises To 3-day High Against Canadian Dollar

Australian Dollar Rises To 3-day High Against Canadian Dollar


Extending its early Asian session's uptrend, the Australian dollar touched a 3-day high of 1.0139 against its Canadian counterpart ahead of the London session on Thursday. The aussie-loonie pair is presently quoted at 1.0133, up from 1.0101 hit late New York Wednesday.
The Australian dollar snapped back after having challenged a demand zone at 1.0060 against the loonie yesterday. The present rally seems to have a correction on dip and could reach beyond the immediate resistance of 1.0165/75 area in the near-term. The cross is expected to resume its downtrend from this level and may re-test parity, the next major demand zone, after a gap of more than 3-months.