AUD/CAD Large Channel Setup

• AUD/CAD remains confined to large channel that dominated the price action since 2005
• High probability setup points to a move below 78.6 Fib of the .7548-1.0555 AUD Rally
• Failure analysis points to a move toward the 50.0 Fib of the .7548-1.0555 AUD Rally

Key Levels - Current Price: .8288

Level    Type           Significance
1.0555   Resistance   Multi-Year High
.9845     Support        23.6 Fib of the .7548-1.0555 AUD Rally
.9406     Support        38.2 Fib of the .7548-1.0555 AUD Rally
.9052     Support        50.0 Fib of the .7548-1.0555 AUD Rally
.8696     Support        61.8 Fib of the .7548-1.0555 AUD Rally
.8192     Support        78.6 Fib of the .7548-1.0555 AUD Rally
.7548     Support        Multi-Year Low

Weekly Chart

Daily Chart I

Daily Chart II

Daily Chart III

Sam Shenker is a Technical Currency Analyst for FXCM.