AUD/CAD Features Key Support at 0.8843
AUD/CAD has been trading in an uptrend since the beginning of the year as an ascending channel pattern has been guiding prices higher. With the recent move higher in prices coming after the daily studies issued a buy signal from oversold levels, greater gains to resistance at 0.9191 are probable, with the high at 0.9394serving as secondary resistance. In terms of downside levels to watch, we note that prices will have to register a daily close below the ascending channel base at 0.8843 in order to generate a bearish trend reversal. This development would then project a deeper selloff to 0.8695, followed by the April low at 0.8556. Therefore, 0.8843 serves as a key pivot point to watch for increased downside risk.
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