The AUD/CAD has had a stellar run during the past two weeks, and as the daily chart shows, we have just come within a whisker of the 200 DMA which comes in at 0.8607. We are also not too far away from the high for 2009 of 0.8680. Because of these factors i would be inclined to raise the stop on the position to below 0.8470.
I think that if we break back below 0.8470/80 we could come back 0.8330 before heading higher once more, for an eventual move back to 0.9150. Above 0.8610 targets 0.8680 and then 0.8790.
