The AUD/CAD has bounced off the trend line support, as it can be seen on the monthly chart (picture 1). The pair only touched the trend line and it rebounded towards 100 WMA, which offers next resistance at 0.9710.



However, the pair will first have to move through 0.382%, which comes around 0.9650 (picture 2). Also, around 0.9680 there is 200 DMA.


I can see the pair continuing its bouncing towards mid 0.9650. Again, a lot will depend on decisions of both BoC and RBA whether to cut rates again or not.
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