AUD/CAD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie has been declining against Canadian Dollar since Monday of this week, when the channel down pattern was formed. At the moment the currency is moving away from the upper boundary at 1.0060, trading near the daily pivot point around 1.0039. Taking into account the negative sentiment among market participants (59% of all opened positions are short), we expect the Australian currency to decline further. Our view is shared by medium-term technical indicators, which point strongly to the south. It is likely that the pair will have no considerable issues is reaching the lower trend-line, being that there are no considerable support levels on its way, except the daily S1 at 0.9987.
© Dukascopy Bank SA
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