AUDCAD has been trapped in consolidation for three years, where its upper limit is close to 1.0332, while the lower is around 0.9170. Since November last year we have seen several attempts to overcome the 1.0332 barrier, which each time failed. Currently price is testing less important support at 0.9924, where are lows from April this year. Successful breakdown of this level would open the way to trend line drawn from the low of May last year. In turn when this level would be broken, pair would open the way to support at 0.9597.
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An alternative to the above scenario is a reflection from support at 0.9924, which could trigger a move to the upper limit of three-year consolidation.
