Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
AUD/CAD Daily Breakout

AUD/CAD Daily Breakout

Walker England, Forex Trading Instructor

Market Condition:AUD/CAD Daily Breakout

Target 1: 1.0169 (2015 High)

Target 2: 1.0835 (870 Extension)

Invalidation: Reversal Below .990

AUD/CAD Daily Chart

(Created using Marketscope 2.0 Charts)

The AUD/CAD is attempting to breakout from a descending price channel that has been developing for the last two months. Breakouts can potentially be signaled on a move above the previous swing high, which is found at .9965. On a bullish breakout, traders can then begin to target the standing December 2015 high at 1.0169. Conversely, traders treating this breakout as a flag pattern may extrapolate 870 pips from the point of breakout to find targets near 1.0835.

In the event that a bullish breakout fails, traders will watch for prices to trade back inside of the previously mentioned price channel. This includes a move back below psychological resistance at .9900.

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.