AUD/CAD Technical Analysis: Upbeat Australian sentiment data highlights descending triangle resistance of 0.9405

  • AUD/CAD struggles near 0.9395 during early Asian trading sessions on Wednesday.
  • The pair forms descending triangle formation on the hourly chart with 0.9380 being support and 0.9405 acting as resistance.
  • Considering latest rise of February month Westpac Consumer Sentiment to +4.3% from -4.7% released last-month, the pair may challenge 0.9405 resistance level.
  • A break of 0.9405 could trigger the upside to 0.9420 and then to 0.9440 whereas 38.2% Fibonacci retracement of its early month moves, at 0.9455, followed by the 0.9490, may entertain buyers afterward.
  • On the contrary, a downside break of 0.9380 formation support may take a rest around 0.9375 before declining towards the 61.8% Fibonacci expansion level of 0.9345.

AUD/CAD hourly chart

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