The recent risk rally helps the Aussie dollar to gain some strength against its counterpart Lonnie
From August 24 this pair is trading in uptrend and reached the current monthly high of 0.96511
The uncertainty in oil prices also weighing in CAD pairs and it's lose some gain against the strong risk proxy currency which is Aussie dollar
After completion of Elliott correction wave 03 which is a current monthly low- 0.94197 this pair went bullish
And trading above all the 50,100,200 Exponential moving average will further attract the buyers until 0.9700 which is a 52 week high and a major resistance zone And a supply zone
The current monthly high-0.96511 which is a third wave of Elliot principal
We can open suitable buy orders at 50% Fibonacci retracement level of third wave which is 0.95588. And a completion of fourth wave
Potential take profit will be 0.96964 which is the level expected to be a end of 5th Elliott wave
We have to see the bullish engulfing or rejection at 0.94600 level to buy this pair and descending channel got broken on August 26 which is a clear sign of bullish Trend
Positive risk appetite will make this pair as more bullish, Have a eye on corona vaccine development and a relationship between USA and China
Important key levels Previous week low - 0.94661 Previous week high - 0.96511 Monthly high - 0.96511 Monthly low - 0.94611 52 week high - 0.96964