AUDCAD saw a bounce today from just above the 0.9270 support level, which indicates positive momentum. The pair has been consistently forming higher highs and higher lows, showing a positive medium-term outlook. The RSI is above 50 and trending upwards, while the MACD, although slowing down slightly, remains above the zero line, signaling continued positive momentum.
If the bulls maintain control, we could see AUDCAD challenge the 0.9260 level once again. A break above this level could confirm a higher high and potentially push the pair towards the 0.9380 zone. However, a drop below 0.9125 might signal a correction towards the key support area of 0.9045. Despite this, as long as the pair remains above the upward sloping support line drawn from the high of January 25, the overall trend remains positive.
In conclusion, AUDCAD is currently in an uptrend, and a clear break above 0.9260 could indicate a continuation of this trend. If you are interested in trading AUDCAD or other financial instruments, XM is a regulated online trading provider with a reputation for reliable trading conditions and personalized customer engagement. Founded in 2009, XM offers competitive spreads, flexible leverage, and exceptional execution of orders to traders worldwide.
