AUD/CAD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/CAD has formed a smooth, 267 bar long channel up on August 28. Since then the pair has been channelling up, and despite a retest of the support line, the pair is still moving to the north. Moreover, the outlook for the pair is bullish, as indicators on hourly and 4H charts are sending "buy" signals. At the same time, market sentiment is slightly bullish (55%), while Aussie is bought in 75% of all cases, and traders' attitude towards Loonie is completely opposite. The pair is likely to receive another bullish impact, from pending orders, as 75% of pending orders are placed to buy the pair in a 50 pips range. Hence ,a retest of recent high is expected.
© Dukascopy Bank SA
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Wed, 06 Nov 2013 14:06:14 GMT

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