FxWirePro: AUD/CAD grinds higher in 'Rising Channel' pattern, watch out for channel breakout for further upside

• AUD/CAD extends grind higher in 'Rising Channel' pattern. Scope for further upside.
   
• The pair has resume upside after brief retrace from multi-week highs at 1.0136.
   
• Price action has retraced dip below 5-DMA and is on track to test 78.6% Fib at 1.0181.
   
• Technical indicators are biased higher. RSI nicely converging with price action and shows strength at 63 levels.
   
• Bollinger bands are widening and Stochs are biased higher. Momentum is bullish.
   
• Breakout at channel top could propel the pair higher. That said, bearish divergence on Stochs raises need for caution. 
   
• On the downside, 5-DMA at 1.0083 is immediate support. We see bullish invalidation only on break below 20-DMA.

Support levels - 1.0082 (5-DMA), 1.0052 (61.8% Fib retrace of 1.0345 to 0.9579 fall), 0.9989 (20-DMA)

Resistance levels - 1.0136 (Mar 7 high), 1.0155 (channel top), 1.0181 (78.6% Fib), 1.02 

Recommendation: Good to go long on dips around 1.01, SL: 1.0050, TP: 1.0135/ 1.0155/ 1.0180

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