AUD/CAD 4H Chart: Rectangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The AUD/CAD currency pair is still trading in boundaries of the rectangle pattern, which was formed in the beginning of July. Despite crossing the upper boundary at 1.0230 a few days ago, the Aussie bounced back and is trading sideways; however, the intention to grow was clearly indicated. The current trading level is located at 1.0164 (Monthly PP and 200-period SMA), but we assume the pair to have no considerable issues in breaching these levels, especially considering the strong bearish (72%) sentiment on the market. At the same time, technical indicators are mostly neutral, meaning that the pair can still move sideways for some time before any significant movement is initiated.
© Dukascopy Bank SA
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