AUD/CAD is currently trading in a long-term uptrend, with higher highs and higher lows on the daily chart. The pair has recently bounced off a key support level around 0.9450 and has started to move higher.
If you're considering taking a long position on AUD/CAD, it's important to wait for a confirmation of the uptrend. This could come in the form of a bullish candlestick pattern, such as a hammer or engulfing pattern, or a breakout above a key resistance level, such as 0.9700.
Additionally, you may want to consider using a stop-loss order to limit your risk in case the market moves against you. A potential target for a long position could be the next key resistance level around 0.9900. However, always remember to conduct your own analysis and risk management before making any trading decisions.
If you're considering taking a long position on AUD/CAD, it's important to wait for a confirmation of the uptrend. This could come in the form of a bullish candlestick pattern, such as a hammer or engulfing pattern, or a breakout above a key resistance level, such as 0.9700.
Additionally, you may want to consider using a stop-loss order to limit your risk in case the market moves against you. A potential target for a long position could be the next key resistance level around 0.9900. However, always remember to conduct your own analysis and risk management before making any trading decisions.