After hitting 0.7555 yesterday Aussie drifted down to 0.7510.It should extend this drop to 0.7500 early today but then resume its rally.How high the next rise is a little unclear.It may be a weak rise and only test 0.7570.A stronger rise will allow a test of the 0.7600/50 range.Another retracement back to the 0.7460/0.7500 region should follow.While the Aussie holds above 0.7460 it will have the opportunity to rally towards 0.7792.But a break of 0.7460 will suggest a return to 0.7350 first.
Kiwi’s rally appears to be slowing as it tested only 0.6185 and then dropped back to 0.6135 quickly.After an initial drop to 0.6110 there is scope for another rise, but it is unlikely that levels above 0.6185 will be sustained.
Dollar/Canada retreated quickly from its 1.1400 high and remains at risk of starting a new decline.Expect a drop back to 1.1220/60 today.
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