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Technical analysis for AUD/CAD, the pair broke above the previous weekly high at 0.9303, starting a bullish run. The first target for this bullish run, the 0.500 FIB retracement on the monthly chart and the 0.618 FIB retracement on the weekly chart at 0.9450, was reached. The second target for the AUD/CAD is the 0.618 FIB retracement on the monthly chart and the 0.786 FIB on the weekly chart around 0.9555-80. The third target for this bullish run is the 1.272 FIB extension on the weekly chart at 0.9875.
On the other hand, if the AUD/CAD breaks below the previous week’s low at 0.9171, it will send the pair lower toward the 0.618 FIB retracement on the weekly chart at 0.9120. And a break below 0.618 FIB retracement on the weekly chart and support zone between 0.9100-20, will open the door for a bearish run toward the previous low at 0.8909.
Weekly chart:
