- AUD/CAD has broken above stiff resistance in 0.9495-0.95 area and is on track to test 50-DMA at 0.9641.
- Price action on the day was rejected at lows by 0.9487, and the pair is currently above the 0.95 handle at 0.9536 levels.
- Upside finds next resistance at 0.96 ahead of 0.9629 (May 5th highs) and then 0.9641 (50-DMA).
- Technicals support upside in the pair, bullish invalidation only below 0.9480 (trendline).
- Break below 0.9480 could drag the pair to 0.94 and then 0.9365 levels.
Recommendation: Good to buy dips around 0.9525, SL: 0.9480, TP: 0.9550/ 0.96/ 0.9640
