Talking Points
- Critical technical resistance between 9921- 9942 (multi-year pivot)
- Interim scalp bias bearish below this mark- scalp levels & key thresholds
- Event risk on tap tonight with Chinese data
AUDCAD Daily Chart

Chart Created Using FXCM Marketscope 2.0
Technical Outlook
- AUDCAD trading within a well-defined ascending channel formation off the August low
- Embedded channel off the late September lows also in play
- Critical resistance range between 9922/41 – 3-way Fib confluence & channel resistance
- Longs at risk below this mark- Breach targets objectives at 9985- 1.007, 1.0077 & 1.0125.
- Downside targets eye channel support backed key support at 9750/60
- Daily RSI struggling to breach the 70 resistance- bullish momentum waning
- Key Event Ahead- ChineseGDP, Industrial Production and Retail Sales tonight
AUDCAD Scalp Chart

Notes: This has been an extremely popular setup in DailyFX on Demand as the pair traded into key resistance this morning. Long exposure was warranted into this threshold between 9922 – 9941 which represents a host of longer & medium-term Fibonacci ratios as well as current operative channel resistance dating back to August. This level should not be underestimates as it also represents a multiyear pivot in price dating back to the 2009 highs. While the critical nature of this threshold has us looking lower in the near-term, we will remain nimble noting that shorts scalps will be counter-trend until further evidence supports the notion that an interim high may be in place.
* It’s extremely important to give added consideration regarding the timing of intra-day scalps with the opening ranges on a session & hourly basis offering further clarity on intra-day biases.
Key Threshold Grid
Entry/Exit Targets |
Timeframe |
Level |
Significance |
Bearish Invalidation |
Daily / 30min |
9922/41 |
1.618 & 61.8% Fib Ext / 50 & 38.2% Retrc |
Break Target 1 |
Daily / 30min |
9985 -1.0000 |
100% Fib Ext / 200 DMA |
Break Target 2 |
30min |
1.0020 |
Soft Resistance / Pivot |
Break Target 3 |
30min |
1.0050 |
Soft Resistance / Pivot |
Break Target 4 |
30min |
1.0077 |
1.618% Fib Ext |
Break Target 5 |
Daily / 30min |
1.0125 |
61.8% Retracement |
Bullish Invalidation |
30min |
9887 |
23.6% Retracement |
Break Target 1 |
30min |
9860 |
38.2% Retracement |
Break Target 2 |
30min |
9840 |
50% Retracement |
Break Target 3 |
30min |
8419 |
61.8% Retracement |
Break Target 4 |
30min |
9790/91 |
38.2% & 78.6% Retracement |
Break Target 5 |
Daily / 30min |
9749/59 |
Weekly Low / 38.2% & 50% Retrace |
Break Target 6 |
30min |
9706 |
61.8% Retracement |
Average True Range |
Daily |
68 |
Profit Targets 16-18pips |
Other Setups in Play:
- GBP Threatens Support on US Debt Deal- Bearish Scalp Bias at Risk
- USDCHF Scalp Bias at Risk Below 0.9170 Resistance
Review today’s Scalp Webinar for further insights and current trade setups
Trade these setups and more alongside the DailyFX research team everyday with DailyFX on Demand
---Written by Michael Boutros, Currency Strategist with DailyFX
For updates on this scalp and more setups follow him on Twitter @MBForex
To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list
Join Michael Tuesday, Wednesday and Thursday mornings for a Live Scalping Webinar on DailyFX Plus (Exclusive of Live Clients) at 1230 GMT (8:30ET)
Introduction to Scalping Strategies Webinar
Interested in learning about Fibonacci? Watch this Video