AUD/CAD - 500 pips of upward movement without correction
Since November 11, AUD/CAD moves in an uptrend rally. Price moved upward 500 pips without correction and 3 resistances were broken above. Soon there could be a correction and minimum declines should reach 38.2% fibo. It is possible that a rebound will be higher than last week's high. Two important resistances are at levels: 0.9880, 0.9980. However, if there will be a rebound, nearest supports are at levels: 0.9730, 0.9590, 0.9420.
Wider view, time-frame W1
AUD/CAD looks very interesting in weekly time-frame. The behavior of price at current level will be important for a further direction of movement. Last week, weekly candle broke above downtrend line, extending from 2013. The end of current week will be really important. Any retracement may look like a fake breakout and a new high can give big chances of trend change.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.