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Long

Watch for AUDCAD breakout above 61.8% Fib for test of 0.99 level

FX:AUDCAD   Australian Dollar/Canadian Dollar
163 0 5
AUD/CAD             is extending its gradual grind higher, as the price action tries to complete a 'Cup' formation.

Momentum studies are bullish . RSI strength seen at 64 and MACD is biased higher.

Upside currently halts at 61.8% Fib of 1.0054 to 0.9324 fall, breakout could see the pair test parity.

On completion of the 'Cup' we would wait for some downside before the next move higher.

Weakness only below 0.96 (38.2% Fib), break below could drag the pair to 0.93 levels.


Comment: AUD/CAD breaks 61.8% and 78.6% Fib levels, scope for test of parity.

Next targets 0.9962, 1.00
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