The Aussie Canadian.

Good morning Forex Traders,

The weekly chart of the AUDCAD has been attacking the V.I. but has been held back since the end of March.

If you you now look at the daily chart below you will see that AdvancedGet is showing a possible Wave 5 in progress and at present price action is held within the constraints of a squeezing triangle formation, being held over the last four days by the trendline acting as support.

Although price is consolidating consolidating, Stochastics is hooking up from OS territory which could mean a retest of the high which was at a very substantial figure.
This area has held well in the past but a break here would warrant the ESLT to be used.

The next fibonacci extension is at former resistance clustering with a fibonacci retracement level.

As always please do your own analysis before trading.

Charts courtesy of AdvancedGet.

Good luck.

Clayton Farnworth.