The AUDCAD has been mostly oscillating, since the 14th of December 2016, within a downside channel between 0.9878 and 0.9689 respectively.
Both the buyers and the sellers are now placing strong pressures in their attempts of taking control over the pair’s price.
The price is now oscillating slightly above the 0.9689 zone which is today’s major pivot point area.
In the condition where the pair stabilizes below the 0.9689 area, the price could be forced to decline to lower zones such as the 0.9573 level.
The Stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 60 level.
Alternatively, should the buyers take the lead and boost the price above the 0.9763 area Fibonacci’s 161.8% the pair could appreciate as high as 0.9878.
· Probable trend (Bearish): 0.9689
· Bearish take profit target: 0.9573
· Stop loss target: 0.9763
· Alternative trend (Bullish): 0.9763
· Bullish take profit target: 0.9878