AUD/CAD is ready for action
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Trade ideas
SELL at 0.9580; TP 0.9520; SL 0.9600
BUY at 0.9620; TP 0.9660; SL 0.9605
With Canadian economic releases later today at 15:30 MT time, the Canadian dollar is getting ready for the increase in volatility.
There’s an interesting technical setup in AUD/CAD. The picture on D1 looks like a “Head and Shoulders”, although the pattern isn’t confirmed yet. The pair is below 200-day MA (0.9615) and has a scope for a decline to the 38.2% Fibonacci level. Only the advance above the moving average will give the Aussie a chance to test the previous highs.
On H4, the pair’s under the weight of MAs and the oscillator giver negative signs.
