AUD/CAD 1H Chart: Channel Up

There is a 190-bar long channel up pattern emerging on the hourly chart of AUD/CAD. And in order to solidify this hypothesis, the currency pair needs to confirm the support at 1.0260. Considering that this potential demand zone consists of the up-trend line, weekly PP, 200-hour SMA and daily S1, the price should have no difficulties rebounding from it. The positive outlook is also suggested by the daily technical indicators. However, the SWFX market participants are currently divided in their opinions regarding the direction the Aussie is going to take—47% of traders are bullish and 53% do not see the Australian Dollar outperforming its Canadian counterpart.