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AUDCAD touched it's near term high on March 9th, and since then has been in a tight 150 pip range for nearly a month now.
Today was a sharp down day for the pair, and near the end of the London session, it has taken a pause at the previous support as indicated by the chart below.
Because of the momentum down here, I will be looking for a break lower. We may see a bit of a bounce over the next few days, however a break lower exposes the downside, and as momentum has been slowing in the tighter range for a month, we may see a bit of an explosive move when the pair eventually breaks, whether it be bullish or bearish.
Today was a sharp down day for the pair, and near the end of the London session, it has taken a pause at the previous support as indicated by the chart below.
Because of the momentum down here, I will be looking for a break lower. We may see a bit of a bounce over the next few days, however a break lower exposes the downside, and as momentum has been slowing in the tighter range for a month, we may see a bit of an explosive move when the pair eventually breaks, whether it be bullish or bearish.
