Looking at daily chart, we note that the AUDCAD has been moving recently in a fairly broad consolidation in which a smaller box have been created since beginning of February.
As a result of dynamic declines, on Tuesday July 4th, market has broken bottom of the narrower consolidation. The falls did not last long, and according to my last week’s projection price reached area of defeated support (now resistance), where first supply reaction occurred. As I wrote on Friday, a permanent rejection of this zone could be a signal for declines, for which potential targets could even be around this year’s minima – 0.9650.
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However, it is worth noting current situation on the 15 minute interval, where we see that market is moving in consolidation from Friday. Despite strong supply response in area of this resistance, we have not yet set a new low, which could indicate potential change in market sentiment. Only a breakout thru bottom from present box would change the sentiment.