AUD/CAD 1H Chart: Two scenarios likely

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
 MACD(12;26;9) Buy Sell Sell
 RSI(14) Neutral Neutral Neutral
 Stochastic(5;3;3) Neutral Neutral Neutral
 Alligator(13;8;5) Buy Sell Sell
 SAR(0.02;0.2) Buy Sell Sell
 Aggregate

The Australian Dollar has depreciated about 4.20% in values against the Canadian Dollar since the beginning of December. This movement has been bounded in the descending channel.  

Currently, the exchange rate is testing the upper channel line located circa 0.9465. Given that the pair is being supported by the 55-, 100– and 200-hour SMAs, it is likely that a breakout north occurs within following sessions. A possible upside target is the Fibonacci 38.20% retracement at 0.9549. 

However, if given channel holds, it is expected that a reversal south occurs in the nearest future. Important support level to look out for is the Fibonacci 23.60% retracement at 0.9385.

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