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AUD/CAD Might be Developing a Short-term Uptrend

The AUD/CAD fell at the end of October from about 0.9575 down to about 0.93. At the turn of the month, there was a price bottom as seen in the 1H chart. 

AUD/CAD 1H Chart 11/3
(click to enlarge)

The 1H chart shows a price bottom followed by a sharp test of this bottom that resulted in a long tail. That showed some bearish strength, but also the resilience of bulls in this market. Now, after price cracked 0.9440 during the 11/3 session, we saw price fall in what now looks like a flag or pennant pattern. As we begin the 11/4 session, price broke above this pattern.

I think this push is a signal of bullish outlook. Or rather, this is another minor confirmation of a bullish outlook that was established when price broke above the end-of-October bottom. 

Now, there might still be downside risk towards 0.9360, but I think if AUD/CAD is turning bullish, we should not see price below 0.9360 for more than an hour or so. To the upside, the 0.9440 level is the first near-term target. Above that, the 0.95-0.9520 area could be the next key level.