AUDCAD LONG!

Okay, so this is a bit of a late post but the analysis is great and this is an easy, lemon-squeezy set up, so i figured I should post it regardless,

Price has broken out of it's daily descending channel and as we know, after momentum comes exhaustion or a corrective structure, which is what we've got here. Price retraced to retest broken resistance as new support + the trendline and this is all confluent with a fib level.