FX:AUDCAD Australian Dollar/Canadian Dollar
The AUD/CAD is looking to have some upside potential for the coming week. After down-trending for a while, the pair has posted a on the weekly at a supportive level, following last week’s weekly . Weekly patterns generally carry some significant weight, especially when arriving at a weekly support&resistance zone. Looking at the structure of the move higher on the 4H chart, we can see the pair broke the EMA band on the back of some impulsive looking candles. Currently, we’re looking for a slight correction back to the EMA or FIB area, for us to long the pair in expectation of another week.
I would not advise having an entry level at this point, in my view it's better to see how the trading week begins on the 4H, follow price action, and look for some bullish signal somewhere around the supportive zones I outlined, these zones are dynamic levels. The main thing is, trade with the flow of the market on the weekly chart, which in this case is bullish, and you should do fine.