Despite the rate cut by the Central Bank of Australia, the AUD still ended the session higher. There was also a 3rd re-test of the 0.9970 level that held on July 13 and July 26. This price held for a third time now. The trendline has held support at 0.9389 on 4 occasions since June 2016. On Friday CAD will announce employment and trade data at the same time as NFP. Should CAD news announce a bullish/bearish result, it could trigger a breakout either way on this pair. A close above 0.9770 resistance could target the March high price at 0.10050 and a break of the trendline at support could expose the July low price at 0.9730. So either way, there is a possibility of a good trade.

AUDCAD - Potential breakout on H4

Source: Maryna

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