Yesterday AUDCAD tested support at 0.9750 level and just after that the price rebounded sharply. Today AUDCAD has continued upward movement and this almost vertical movement gave 1% gain.
In a short time the price crashed through 4 resistances at: 0.9790, 0.9820, 0.9860, 0.9895 – 0.9900. If the price returns above 0.9900 level it will come back inside consolidation, where the price has been moving for a month. This consolidation was between 0.9900 – 1.0000 levels. In a long term there isn’t any clear trend at AUDCAD so the best idea for trading here is range trading. Nearest strong resistances are located at: 0.9900, 1.0000, but weaker between them are located at: 0.9920, 0.9960, 0.9980.
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