© Dukascopy Bank SA
At the moment of writing the AUD/CAD was trying to penetrate the resistance line, meaning an end to the downside trend, which started on April 11, when the pair dropped from 1.0715, currently trading at 0.9654, only 10 pips below the upper trend line. However, according to aggregate technical indicators, the pair will bounce back from this level, as indicators on 1D and 1W charts are pointing at the depreciation of the pair. The upside breakout should also been kept in mind, and in this case higher prices and increased trading volumes can be expected.
© Dukascopy Bank SA