AUD/CAD short-term outlook

• Upside in CAD is likely limited as we feel oil prices have peaked at current levels.
   
• Technically, AUD/CAD finds stiff resistance at 0.97 levels (channel top and 200-DMA). 
   
• Momentum studies have turned bullish, RSI strength at 59 levels and MACD has edged above zero.
   
• A channel break could see upside upto 1.00 levels.
   
• On the flipside, break below 20-DMA at 0.9555 could invalidate our bullish call. Drag till 0.9390 then likely. 
   
• Resistance for the pair seen at 0.97 (channel top), 0.9745 (June 24 high) and then 0.9871 (Apr 12 high).
   
• Supports on the downside are seen at 0.9646 (38.2% Fib), 0.9620 (5-DMA) and further below at 0.9578 (June 30 low).
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Recommendation: Go long on a decisive break above 0.97, target 1.00