AUDCAD - Solid momentum

AUDCAD (1H) - short term bullish bias

The Canadian dollar is definitely retreating across the board after yesterday's sell-off. The pair bounced off the 61.8% (0.8980) Fibonacci retracement level of the previous rally on the daily chart. The bullish MA cross on the hourly chart is the confirmation that the price has reversed its course to the upside. As the Aussie breaks above the key resistance of 0.9060, we expect it to surge further toward 0.9100. The moving averages will act as solid support in case of a pullback.

Key support: 0.9035
Key resistance: 0.9100