AUDCAD is facing bullish pressure from the ascending trendline support. Prices are taking support from 1st support which coincides with 50% fibonacci extension and 61.8% fibonacci extension. Prices might bounce and reach 1st resistance which is in line with 161.8% extension. If prices fall through, it might reach 2nd support which is in line with -68% and 161.8% fibonacci retracement.
Trading Recommendation
Entry: 0.97740
Reason for Entry:
Horizontal pullback support, 61.8% fibonacci extension and 50% fibonacci extension
Take Profit: 0.98749
Reason for Take Profit:
Horizontal swing high resistance, 161.8% fibonacci extension
Stop Loss: 0.97242
Reason for Stop Loss:
Horizontal swing low support, -68% fibonacci retracement, 161.8% fibonacci retracement
