The Australian Dollar - Canadian Dollar pair completed a full course of five waves on the way to the current maximum levels around 1.0150. According to the Elliott wave theory, the pair is ready to begin the technical correction that has the potential to go down to the maximum of the third wave, now would serve as a last stand, around the level of 0.9450 Canadian dollars per Australian dollar. Note that the RSI supports the conclusion upward sequence.
The operating channel that was built during the last month may serve as a trigger to take the short position, as the pair punch the lower channel boundary of 1.0000. By contrast, the pair could continue and push up a little before the correction, and therefore, the closing session above the upper limit of the canal, about 1.0225, is an indication of continued upward movement toward the target level of resistance and superior output, around 1.0450 level.
