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From : FX Daily Hotline: 22 October 2014
Chart of the day: A$ unable to pass 50-day MA v C$...

 

The 'Gainers & Losers' sections below reflect the renewed bullish interest in the Canadian Dollar.  In the case of our example, the Australian Dollar, a 0.6% loss was recorded by the latter for Tuesday's trading. 

The chart displays the Aussie recently breaking out of a small base area.  However, the 50-day moving average has already stumped the recovery, twice.  The huge top formation mostly evident above parity; a long-term sideways area (partially shown), has got a lot to do with this as well.  If minor support near C$0.9850 fails, there will be a risk of further 'bull trap' slippage towards the lows around C$0.9700. 

 






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