FX.co ★ AUDCAD

As of today, the AUD/CAD currency pair continues to move within a descending channel, which indicates that sellers still maintain control. After an attempt to stay below the 0.9770 level, a pullback began. I expect that in the near term the price of this pair will move roughly in the 0.9770–0.98 range. At the moment, the 0.9770 level is the nearest support; if the price manages to break below this level, it could be one of the first signals that a move toward 0.9730 is likely to begin, although a pullback may also occur. However, it is important to note that since the price is currently above this point, the priority scenario remains bearish.