AUD/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since Jul 11, when AUD/CAD managed to settle above the 200-hour SMA, the currency pair has been trading in an up-trend. However, in the near-term we may see a decline, being that the price is about to touch the upper boundary of the bullish channel at 1.0244. Afterwards the rate will be expected to stabilise somewhere around 1.0160, as there it should be supported by the weekly PP, long-term SMA and rising trend-line. Moreover, many of the four-hour and daily indicators are presently giving ‘buy' signals. Meanwhile, the SWFX market is bearish towards AUD/CAD—71% of traders plan to profit from depreciation of the Aussie.
© Dukascopy Bank SA
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