AUDCAD is rising aggressively over the last hourly session and is ready to attempt the 0.9900 psychological level. The price is heading for a re-test of the 0.9910 barrier and if it jumps above it, it would confirm the recent scenario for further gains. When looking in the short-term timeframe, the pair has been developing within an upward sloping channel since December 2017.
From the technical point of view, in the near-term, the RSI indicator is approaching the 50 level with sharp upside momentum, while the MACD oscillator posted a bullish crossover with its trigger line in the previous sessions.
If traders boost the price further up, they could drive it until the 0.9910 resistance level, which coincides with the 23.6% Fibonacci retracement level from 0.9580 to 1.0010. Furthermore, if price penetrates 0.9910, this could open the door for the strong psychological level of 1.0000.
Conversely, a dip back below the 38.2% Fibonacci level of 0.9845 and the rising trend line of the upward sloping channel the immediate support levels to watch are the 0.9820 barrier and the 0.9800 handle.