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The AUDCAD has bounced back sharply since it briefly fell below parity earlier this month.
Overnight, the pair completed a new higher top formation, signalling the beginning of a short-term uptrend.
The 8- and 21- day EMAs have also just crossed higher, confirming the near-term bullish momentum.
As a result, there is an opportunity to target a move towards the all-time highs around 1.0550.
Traders may consider buying the AUDCAD on a break above yesterday’s high of 1.0411.
Stops would be set just below the short-term EMAs, around 1.0260.