AUDCAD has been moving for some time in consolidation oscillating around resistance zone. As a result of yesterday’s declines, which began from rejection mentioned zone, market once again reached vicinity of Monday’s lows, where demand response hapened. Later growth did not last for long and only reached local (blue) resistance where a strong bearish impulse occurred. If declines are continued, pair might be able to overcome the nearest support and maybe even test 0.9960 level again.
Looking on daily chart, we can see that current uptrend is extremely calm and has not permanently broken 50% Fibo correction from the previous downward impulse. Numerous upper shadows suggest that we will be able to observe bears advantage again in near future. If once again pair reaches 0.9960 level mentioned above, we can expect breaking it and continuation of declines perhaps even to 0.9650 level.
