The AUD/CAD has continued to go from strength to strength and overnight managed to pause just ahead of the 0.8800 level, which is the highest we have been since Oct 08. Although a number of the daily technical studies are in overbought territory, this should matter little if we break above 0.8820. It is also worth noting are now consolidating nicely above the 200 DMA.
It is worth taking profit ahead of the 0.8780 level and looking to re buy on dips to 0.8690 with stops below 0.8640. Look to buy on the break of 0.8820 as this should open the way for a move to 0.9100/30.
