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Falling commodity prices have started a primary down-trend on both the Australian and Canadian dollar. The Aussie rallied off support at its target of $0.94, but respect of the (secondary) declining trendline would warn of further losses.
* Target calculation: 1.02 – ( 1.10 – 1.02 ) = 0.94
The Loonie also bounced of $0.94 and is testing the first line of resistance at $0.9650. Respect would again warn of further losses.
* Target calculation: 1.00 – ( 1.06 – 1.00 ) = 0.94