Both of these currencies change their status rapidly and simultaneously. In the 1 hour chart, the pair went past a mid-range resistance. But, it is making dojis right after breaking the level. The stochastic is providing an overbought signal. As it is going, there are two possibilities for the pair. Either it could go for the previous lows at 132.00 area or it can break the final resistance of the channel.
The AUD/USD has made a double bottom neckline in the daily chart and went past it. It seems the air is going for the major psychological level at .9700. This area was also a major support level and a 50 percent retracement level in the past. If you think the Aussie uptrend will end soon, you should put a stop loss above the handle for your shot orders. If you are thinking of going long, you should target the .9700 level as your profit taking area.
Talking about USD/CAD, you should not be glad if you are a bear and want to sell the pair. Though the pair has broken a long trend line existing from last June, a longer uptrend running from September last year is still valid. It is very hard to tell whether the pair will stop at 1.0200 and resume its uptrend or it will break the trend line. Keep yourself updated with market sentiment and latest news for making the most out of this pair.
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