AUD/CAD trades mildly softer today, partly because the Canadian Dollar is lifted by oil prices. More importantly, buying lost momentum, as seen in 4 hour MACD, just ahead of 38.2% projection of 0.8066 to 0.9696 from 0.9247 at 0.9870. A short term top is possibly in place at 0.9857.
Some consolidations would likely follow first. Considering that USD/CAD is on the verge of breaking through 1.2688 low, there is prospect of a deeper pull back in AUD/CAD too. Though, downside should be contained by 0.9617 resistance turned support to bring rally resumption. Break of 0.9870 will target 61.8% projection at 1.0254.
