AUD/CAD Price Analysis: GDP boost takes price to higher-highs

As per this week's ''The Watchlist: GBP/JPY, EUR/USD, CHF/JPY and more setups in the making,'' AUD/CAD is making its way towards the forecasted target  |  03/03/2021 01:07
  • AUD/CAD bulls in the driving seat to target 0.9938.
  • Aussie GDP boost the cross to fresh highs from newly formed support. 

As per this week's ''The Watchlist: GBP/JPY, EUR/USD, CHF/JPY and more setups in the making,'' AUD/CAD is making its way towards the forecasted target in accordance with the playbook.

The cross has been recently boosted by the Australian Gross Domestic Product beat, printing a fresh hourly high within the bullish trend. 

  • Aussie GDP Q4 (QoQ): 3.1% QoQ, much better than expected, AUD bid

Prior analysis

AUD/CAD daily chart

1-hour chart:

''The price action will determine bullish conditions on a break of the current resistance from which bulls can begin to look for a bullish structure to form for an optimal entry point to target old support and the neckline of the M-formation.'' 

Progress

Prior analysis:

 

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