Hard to believe that the commodity cousins diverged so much this week but AUD was the best performing major and CAD was the worst (followed by JPY).
AUD/CAD gained every day this week and is above the 55-day moving average for the first time since August.
The rally might not be over. The weekly chart is a three-candle reversal and shows that the area around 0.99 has been a springboard for large gains. The past four times AUD/CAD has fallen below parity, the resulting rallies exceeded 1.05 before any significant correction.
The September high of 1.0269 is the key level to watch, followed by the 100-day MA at 1.0292.
