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AUDCAD: Diving toward 2017 low

Since the beginning of the year the currency pair gained more than 1.0% however last week alone fell more than 1.5% and is in a distribution phase since late June.

Last week the AUDCAD fell with a wide range and closed near the low of the week, in addition managed to close below the previous week low, which suggests a strong bearish momentum.

The stochastic is showing an oversold market although is still displaying a strong bearish momentum.

Expecting a downward move to a Fibonacci retracement at 0.9774 on a bounce from other Fibonacci retracement at 0.9884 (scenario 1) however a break below the previous week low at 0.9770 may push the currency pair further down  to a weekly support at 0.9642  (scenario 2).