AUD/CAD edges down

The currency pair AUD/CAD went down from 0.9671, intraday bias lower. In fact, on the hourly charts as well as technical support downside, the given currency pair dropped below 20-SMA.

Stochs along with RSI on hourly charts headed south. As for MACD, it slipped below zero, showing further downside.  

Published on Monday, Standard & Poor’s in its latest report has warned of the fact, they might downgrade the Australian rating on the condition budget gridlock goes on.   

Apart from that, rating agency Fitch drew attention to the fact that political gridlock, leading to a sustained widening of Australian deficit would apply downward pressure on the rating.   

However, Fitch told that Australia's profile remains consistent with AAA rating. Moreover, it’s going to evaluate new government's ability to manage public finances properly and flexibility in responding to a volatile global economic environment.  

Immediate resistance and support for the currency pair are observed respectively at 0.9637 and 0.9660.


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