AUD/CAD 4H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
This year's rally, which was initiated just above the level of 0.94, was stopped by the resistance at 1.0333. However, the currency pair did not change its direction after the encounter and continued to trade between this level and the support at 1.0135, implying that there may potentially emerge a rectangle pattern. If this is the case, eventually AUD/CAD is likely to resume its surge, something that will require a breach of the Apr highs. And while the weekly technical indicators are in favour of the Aussie's appreciation relative to its Canadian peer in the long term, the market appears to be undecided—50% of positions are long and 50% are short.

© Dukascopy Bank SA
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