Since the beginning of the year the currency pair gained more than 1.0% however last week alone fell more than 1.5% and is in a distribution phase since late June. Last week the AUDCAD fell with a wide range and closed near the low of the week, in addition managed to close below the previous week low, which suggests a strong bearish momentum. The stochastic is showing an oversold market although is still displaying a strong bearish momentum. Expecting a downward move to a Fibonacci retracement at 0.9774 on a bounce from other Fibonacci retracement at 0.9884 (scenario 1) however a break below the previous week low at 0.9770 may push the currency pair further down to a weekly support at 0.9642 (scenario 2).