# AUD/CAD Major Correction (December 19, 2013)

Source: https://www.tradersway.com/resources/market-info/aud-cad-major-correction-december-19-2013/
Language: en
Updated: 2013-12-19

AUD/CAD seems prime for a large correction on its 1-hour time frame, as the pair has found support around its recent lows around .9450.



The pair could pull up to any of the Fib levels marked, particularly the 61.8% level, which is in line with a former support zone. However, a shallow retracement is also possible until the 38.2% Fib, which is also close to an area of interest.



![AUD/CAD Major Correction (December 19, 2013)]



Stochastic is still pointing up, which means that there’s enough buying pressure to push for a retracement. Shorting at the 38.2% Fib with a stop above the 61.8% Fib could yield a good return on risk for a day trade.



*By Kate Curtis from Trader’s Way*