AUDCAD Australian Dollar vs Canadian Dollar

The Australian dollar firmed against its major counterparts in the Asian session on Monday, as Asian stocks followed Wall Street higher amid receding fears about a full-point Fed rate hike, strong U.S. data and China's pledge to provide a stronger support to the economy.

Data showing a spike in U.S. retail sales in June and comments from Fed policymakers tempering expectations for a 1 percent rate hike bolstered the risk sentiment.

Policymakers including Fed Governor Christopher Waller, as well as regional Fed Presidents Mary Daly, Loretta Mester, James Bullard, and Raphael Bostic, suggestesd that a 75 basis-point hike would be appropriate for this month.

China's central bank will enhance the implementation of its prudent monetary policy, Governor Yi Gang at the G20 meeting over the weekend.

Oil prices rose as U.S. President Joe Biden ended his trip to the Middle east without getting assurances from key producer Saudi Arabia to boost crude output.

The aussie touched 1-week highs of 0.6835 against the greenback and 0.8866 against the loonie, from its prior lows of 0.6784 and 0.8830, respectively. The aussie is seen finding resistance around 0.70 against the greenback and 0.90 against the loonie.

Reversing from its early lows of 93.93 against the yen and 1.0992 against the kiwi, the aussie climbed to near a 3-week high of 94.35 and a 4-day high of 1.1064, respectively. The aussie is likely to face resistance around 96.5 against the yen and 1.12 against the kiwi.

In contrast, the aussie retreated to 1.4876 against the euro, after rising to a 4-day high of 1.4814 at 7:45 pm ET. If the aussie falls further, it is likely to test support around the 1.50 region.

Looking ahead, Canada housing starts for June are due at 8:15 am ET.

U.S. NAHB housing market index for July is scheduled for release in the New York session.

AUD vs CAD (FX:AUDCAD)
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From Nov 2023 to Dec 2023

AUD vs CAD (FX:AUDCAD)
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From Dec 2022 to Dec 2023