Dollar Australia/Dollar Kanada
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AUDCAD buy opportunity at the bottom of the Channel Down

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AUDCAD is approaching the bottom of the annual Channel Down, having crossed under the 0.236 Fibonacci level.

As the 1day RSI forms a Higher Lows bottom pattern, the conditions for a medium term buy arise.

Buy and target the 0.618 Fibonacci level at 0.8885 or book the profit earlier if it hits the 1day MA50 first.

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