From May 2016 AUDCAD is moving in an upward trend forming a channel. During this period, the price has grown close to 1000 pips and demand still continues to control the situation. Last Friday AUDCAD reached the key resistance in the 1.0320 area and after a quick test of the closest support at 1.0230 returned back to growth.
As you can see optimism of demand is very large, but it is worth a while to look at weekly interval and make an assessment of the strength of the resistance, which now was reached by AUDCAD. In April 2014, this level has stopped similar to the current ,wave of growth resulting in equally dynamic movement to the south and supply probably will try also this time use this level to press down the price.
Long positions on AUDCAD in the context of such strong resistance seem to be much risky. In the near future we can watch the movements between the indicated resistance 1.0320, and the lower limit of upward channel (currently 1.0080 area). Only permanent break one of these levels will indicate the direction in which you should trade.
