AUDCAD (D) - short term bullish bias
The Australian dollar is on a correction course in its long-term bearish trend against its Canadian counter-part. The pair has been rising along a trend line where multiple tests have found strong buying interest. We expect the price to narrow its consolidation for a few more days and make another attempt to the previous high of 0.9110. Optimism will stay as long as the trend line is intact, but a break below could lead to a continuation of the underlying trend.
Key support: 0.8980
Key resistance: 0.9110
The Australian dollar is on a correction course in its long-term bearish trend against its Canadian counter-part. The pair has been rising along a trend line where multiple tests have found strong buying interest. We expect the price to narrow its consolidation for a few more days and make another attempt to the previous high of 0.9110. Optimism will stay as long as the trend line is intact, but a break below could lead to a continuation of the underlying trend.
Key support: 0.8980
Key resistance: 0.9110