AUD/CAD on daily chart indicates a moderate down trend. Since the end of May price respects edges of the bearish channel. Currently the price oscillates at the level of two previous, local lows. It does not seem to be so strong that it can stop the downward movement. Descent below 0.9850 can therefore be treated as a signal of continuation.
Weekly outlook also is bearish. It seems that price is slowly heading towards the trend line that coincides with the level of the previous low. Probably it’s the natural target of the ongoing declines. After breaking the 0.9850 level there will be a chance to earn over 100 pips.
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