AUD/CAD: price action+fibonacci magic

As it can be inferred from the chart, after being in a downtrend since the end of October, the price reversed in the beginning of December and is now in a massive bullish uptrend. A nice bottom is currently being formed around the area of 0.236 Fibonacci retracement level. Moreover, the 38.2% Fibonacci level perfectly lines up with a previously broken zone of resistance later turned support. It is a bit early to open BUY positions, as we have to patiently wait for more confirmations before a successful execution. Therefore, we will monitor the price action and see how it behaves around the key zones that align with Fibonacci levels.

Happy trading, everyone!