Trade of the Day: AUD/CAD

AUD/CAD falling toward the key support level 0.8765, which was recently identified by Autochartist. The chart pattern indicates possible bearish price movement toward the this support level. The following are the optimal entry and stop-loss levels calculated by Autochartist:  entry at 0.8779 with the protective stop-loss at 0.8786.

As can be seen from the daily AUD/CAD chart below – the pair earlier reversed down from the key resistance level 0.8900 intersecting with the upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward impulse from June. The proximity of the resistance level 0.8900 increases the probability AUD/CAD will continue to fall toward the target level 0.8765.