 for test of 0.99 levels - EconoTimes)
- AUD/CAD is extending its gradual grind higher, as the price action tries to complete a 'Cup' formation.
- Momentum studies are bullish. RSI strength seen at 64 and MACD is biased higher.
- Upside currently halts at 61.8% Fib of 1.0054 to 0.9324 fall, breakout could see the pair test parity.
- On completion of the 'Cup' we would wait for some downside before the next move higher.
- We feel oil prices have peaked at current levels and could extend downside adding pressure on the CAD.
- Weakness only below 0.96 (38.2% Fib), break below could drag the pair to 0.93 levels.
Recommendation: Good to buy dips around 0.97 levels, SL: 0.96, TP: 0.9810/ 0.99/ 0.9960/ 1.00
