Australian Dollar versus Canadian Dollar failed to break above the weekly resistance one 0.9380 and lost bullish momentum on its way to reaching 61.8% fibb retracement zone, this shifted the odds from favoring the bulls to bears and compelled the pair to fall towards our major support zone 0.9250. 50% fibb retracement level carries high liquidity and supply demand in this region along side 0.9250 price action, by this we are expecting a continuation of bullish correction towards most important weekly resistance 0.9410 - 0.9150. After AUDCAD took an exit from our bearish channel, the trend is more hawkish but a further bearish retest of the upper trend line to our bearish channel at 0.9200 might be expected before any further gains. 

BULLISH AND BEARISH CONDITIONS/ POSSIBILTIES :

The exponential moving average 50 is providing support to Australian Dollar versus Canadian Dollar at 0.9270 in the daily time frame along with 50% fibb retracement level being situated at 0.9250, carrying high supply and demand zone. The bullish closing above Senkou Span B of the ichimoku cloud is another reason for the continuation of hawkish projections. On the bearish side, the pair retreived below the weekly and daily pivots 0.9283 and 0.9280 - which might pull the pair towards daily support one at 0.9250. 

The weakness of Austalian Dollar can already be witnessed over multiple cross currency pairs while Canadian Dollar after yestardays elections might provide some strong fundamentals to drive rest of the pairs weak against it. Keep in mind that an impulsive bearish closing below 0.9250 - 0.9200 will indicate that the pair will be going to retest 0.9140 and 38.2% fibb zone at 0.9080. 

AUDCAD

Sep 21 2021