September was a month of very high volatility in the AUDCAD. Currently, the price is moving between support at 0.9260 and the resistance 0.9400-0.9430. In the last week upward channel was created on chart. When bears will break below the lower limit of the channel it may lead price to the September low on 0.9160. But first bears have to overcome support around 0.9240-0.9260. Alternatively if upward movement will be continue nearest levels of resistance are 0.9400 and 0.9500. After this the price will be able to return to significant resistance from last 6 months at 0.9750.

AUDCAD-H4

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Wider view, interval W1

Since April 2015 consolidation on AUDCAD has lasted between levels 0.9400 – 0.9750. In early September, the price broke below support and fell to 0.9160. In the chart has formed a double bottom formation and it caused rebound.

AUDCAD-W1

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Author of worldtrader.pl blog and big supporter of technical analysis. Active medium-term trader. In his analysis uses classical charts, price action as well as harmonic patterns and Elliott Waves. In trading he always tries to take into account two points of market's view, in accordance with the principle that each transaction may be attractive both for the demand and supply traders.