AUD/CAD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the very last report on the Aussie/Loonie, this currency pair decided to develop further in the upper half of the channel between two downward-sloping boundaries. Right now it is trading at 0.9741 (daily S1), but we expect the Australian currency to start depreciating soon, as there are several significant resistance levels to limit the increase of it. Technical indicators support such course of events, as all of them are negative on this currency pair at the moment, with six out of eight hourly indicators suggesting a movement to the south. Market sentiment, however, is mixed, as just a bit more than 52% of traders expect the Aussie to gain value in the nearest future.
© Dukascopy Bank SA
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