- AUD/CAD once again halts upside at 0.9979 which is stiff resistance level.
- We have evidenced multiple rejections at that level and only a breakout above could see further gains in the pair.
- Techs on the daily and weekly charts are poised for upside.
- 200-DMA at 0.9750 is major support on the downside and pair could resume bearish bias only on break below.
- Above 0.9978 next hurdle is located at 0.9988 (78.6% Fib of 1.01692 to 0.93239 fall), 1.0026 and then 1.0054 levels.
- Major supports on the downside are seen at 0.9870 (trendline), 0.9846 (61.8% Fib) and then 0.9750 (22-DMA).
Recommendation: Watchout for a breakout above 0.9978 to go long, target 1.0026/ 1.0054/ 1.0086.
