On October 6th after rebound from the resistance, AUDCAD began to move upward and price has gained around 250 pips. Current level has a chance to bring at least a brief rebound because, it have stopped upward movement for almost 2 months. Falls may go up to 0.9400 – or if the supply side will prove stronger – even to 0.9360 and later 0.9250. However, if the bulls demonstrate their strength and will effectively break the level of 0.9500 next upward target will be at: 0.9550, 0.9600, 0.9670.
Wider view, time-frame W1
Since the beginning of 2014 AUDCAD moves in a downward channel. In August 2015 there was a test of the lower limit of the channel and rebound. Last week price break above resistance at level 0.9400 and if demand proves to be strong enough, the price may even reach the upper limit of the downward channel, which is located at the 0.9800 level.