AUD / CAD Technical Analysis Nov 3

Can the buyers profit on the AUDCAD at 1.0263?

The Aussie and the Canadian dollar are lately oscillating within an upside formation between the range of 1.0171 and 1.0263 respectively.

The bulls are now exerting pressures in their attempts of taking control over the price, and holding the pair close to the 1.0263 level.

Probable Scenario

In the scenario where the AUDCAD resumes above the 1.0263 area, the price could escalate as high as 1.0322.

The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 35 zone.

audcad-nov-3-2016

Alternative Scenario

Alternatively, should the sellers take the lead and force the price below the 1.0226 area, the pair could decline as low as 1.0171.

Today’s Major Announcements

  • There are no any major releases that could have an impact on the Aussie
  • The U.S.’s Continuing Jobless Claims (Oct 21), the Initial Jobless Claims (Oct 28), the Markit PMI Composite (Oct), the Markit Services PMI (Oct), the ISM Non-Manufacturing PMI (Oct), and the Factory Orders (MoM) (Sep) announcements will likely a have medium  impact on the U.S. dollar

Synopsis

·         Probable trend (Bullish): 1.0263

·         Bullish take profit target: 1.0322

·         Stop loss target: 1.0226

·         Alternative trend (Bearish): 1.0226

·         Bearish take profit target: 1.0171