AUD/CAD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Because of a strong demand area near 0.94 the currency pair was able to commence a recovery late December that still remains topical. Accordingly, the outlook is positive for AUD/CAD, but the bulls should be particularly wary of the resistances at 1.01 and 1.025, represented by the 2014 Aug low and 2014 Sep high, respectively. These levels are potential reversal points.
In the near term the Aussie is likely to negate some of the recent gains. The currency has just reached the upper trend-line of the channel, meaning there should be a bearish correction down to the 0.9850/00 region before we seen another up-swing.
© Dukascopy Bank SA
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