AUD/CAD: Breaks Bottom of Range

The strength of the Canadian dollar today has pushed AUD/CAD below its recent range low. The pair is now solidly below the 38.2 percent fibonacci support created by the 0.9270-0.8278 bear wave. At this point, there is no major support until .8400. MACD is also turning negative which supports our view. Stop woudl simply be today’s high.