AUD/USD continues to slide today after the surprise Bank of Canada rate cut overnight and growing calls for the RBA to do likewise. The USD was also stronger across the board, and the pair sits on recent lows, breaking the first minor technical support at $0.8068 to touch $0.8056 on the session low. Support is seen around $0.8050 and then the January low of $0.8033, then the psychological level at $0.8000. Offers above seen at Sellers $0.8150/60 with leveraged accounts noted, then into $0.8200. Also of note, ANZ analysts put out a note titled “AUD is spending its final days above 80 cents” in which they state “Should next week’s business confidence and CPI numbers look as soft as we anticipate, a more sustained RBA easing cycle will be priced, and the AUD will break through USD0.80.” The aussie-dollar currently sits at $0.8067, down 19bps on the day.
