FxWirePro: AUD/CAD consolidates channel breakout, scope for further upside on break out above 1.0211

• AUD/CAD is extending consolidation after breakout at channel top, scope for further upside.
   
• The pair has retraced break above minor resistance at 1.0211, has slipped lower to close at 1.02 levels.
   
• Canadian dollar weakens on the back of dovish BoC and falling crude oil prices.
   
• Technical studies are bullish on weekly and daily time frame charts.
   
• We see bullish invalidation on retrace and close below channel top at 1.0155.

Support levels - 1.0181 (78.6% Fib), 1.0165 (channel top), 1.0147 (5-DMA), 1.0052 (61.8% Fib)

Resistance levels - 1.0211 (June 7th high), 1.0258 (88.6% Fib), 1.0275 (major trendline), 1.03

Call update: We had advised a long in our previous call (https://www.econotimes.com/FxWirePro-AUD-CAD-breaks-out-of-channel-top-good-to-go-long-on-dips-1201288).

Recommendation: Bias higher, stay long for targets.

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