AUDCAD – I wrote about this pair last week, I predicted falls, which reached the planned goal within one day. There, too, was a reaction of demand, which directed the quotations to the north in the form of an upward correction. Currently, there is a divergence (MACD) on Daily chart, which leads me to focus on further declines and once again the target may be 0.9570.
The CAD price level is highly dependent on oil prices, which after OPEC+’s decision to reduce production has a chance to increase, so the situation with AUDCAD pair may develop as we predict. The level at which the downside scenario may be negated in this case is 0.9710 and our SL should be above it in the case of a Sell order.