The AUDCAD pair is pushing lower again today as it rejects trend line support now turned resistance at 0.97410. The fall last week took the price under the trough of the double top at 0.99326 and now points to a move to its target at 0.95424. Support at 0.97057 is last week’s low, plus the January support level, and is holding price up for now. Below this area 0.96628 comes into play followed by 0.96062. The 2018 low is found at 0.95536 which can see buyers engage and try to manoeuvre the market into a trading range up to 0.99300.
Resistance from the current level comes in at the blue trend line followed by the 0.97538 level. A move higher engages with the moving averages with the 50 DMA at 0.97898 followed by the 100 DMA at 0.98072. This leads to the 0.98121 price level with the 200 DMA above at 098358. A break higher would meet resistance at 0.98730 and the range top at 0.99326. A breakout from here would target 0.99850 initially followed by 1.00000 and eventually the 2018 top at 1.02415.
