FxWirePro: AUD/CAD Near-Term Outlook

AUD/CAD chart - Trading View 

AUD/CAD trades range bound, largely muted at 0.9163 at 06:50 GMT.

Major trend in the pair is bearish, the pair grinds lower in 'Slopping Channel' pattern.

Price action has edged higher from multi-month lows at 0.9105, forming a 'Double Bottom'.

Minor pullbacks capped at 21-EMA which is currently stiff resistance at 0.9198.

Price action is below cloud and major moving averages. RSI is below 50.

However, a'Bullish Divergence' on RSI and Stochs keeps scope for upside.

Stochs are also biased higher and breakout at 21-EMA will see some upside.

The pair is consolidating break below 200H SMA. Stochastics RSI on the daily charts is at overbought levels.

Rejection at 21-EMA and breach at channel base support could see major weakness.

Support levels - 0.9105 (double bottom), 0.9090 (channel base), 0.90

Resistance levels - 0.9198 (21-EMA), 0.9282 (55-EMA), 0.93

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.