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RBC's Tech Team Recommend Short AUD/CAD

FOREX
  • They recommend going short AUD/CAD at current levels and look to add at 0.9315. They set their take profit at 0.8850 and a stop loss at 0.9390.
  • RBC see the cross as consolidating between a triple top at 0.9387 and a double bottom at 0.9114 since June, forming a rectangle pattern.
  • A daily close below 0.9114 would confirm its' bearish implications, targeting 50% retracement of the 2020-2021 advance at 0.9032 initially.
  • Moves to resistance at 0.9251 and 0.9314 are expected to attract selling interest as the consolidation plays out.
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