In analysis from October 12 I wrote: “Current level has a chance to bring at least a brief rebound, because it has stopped upward movement for almost 2 months. Falls may approach 0.9400 – or if the supply side will prove stronger – even to 0.9360”. So it happened, and after a slight breakout of resistance at 0.9550 there have been a dynamic fall and level 0.9360 has been tested. This means that the correction has retraced 61.8% of the last upward movement and AUDCAD may return to move upward.
Upward move will be limited to a maximum level of 0.9620 – that is, to the upper limit of the downward channel, in which the price moves from two years. Only break above this level will result in the possibility of reversing the current downtrend. The nearest resistances are: 0.9480, 0.9510, 0.9580, 0.9600. But if falls come back the next supports are located at levels: 0.9385, 0.9350, 0.9320, 0.9250.