Fxwirepro: Aud/cad Breaks Out Above 61.8% Fib (0.9775), Targets 1.00 Levels

• AUD/CAD is extending its gradual grind higher, as the price action tries to complete a 'Cup' formation.
   
• Momentum studies are bullish. RSI strength seen at 72 and MACD is biased higher. 
   
• Upside breaks above 61.8% Fib of 1.0054 to 0.9324 fall, we see scope for the pair to test parity.
   
• On completion of the 'Cup' we would wait for some downside before the next move higher.
   
• We feel oil prices have peaked at current levels and could extend downside adding pressure on the CAD.
   
• Weakness only below 0.96 (38.2% Fib), break below could drag the pair to 0.93 levels.
   
• We had advised a long in the pair (http://www.econotimes.com/FxWirePro-Watch-for-AUD-CAD-breakout-above-618-Fib-09775-for-test-of-099-levels-232713), it is progressing.
   
• Recommend holding for targets.
   

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