© Dukascopy Bank SA
The pair has been moving within an upward channel since December 23. While going long the price was capped by a downtrend at 1.0387 and then at 1.0398, whereas the support line was formed by points at 1.0321 and 1.0340. The pattern's quality is 57% with a relatively small magnitude (39%) comparing to the past several days volatility. Traders might expect AUD/CAD to continue forming a channel. In this case, the support and resistance levels will signal the primary targets for traders.
© Dukascopy Bank SA