AUD/CAD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/CAD has been trading within the boundaries of the bearish channel since it probed a four-month down-trend at the beginning of this week. Accordingly, our present outlook on the pair is negative, also considering the technical indicators. The near-term rallies should be capped by the red trend-line (currently at 0.9895), while the target is the lowed edge of the pattern at 0.9836. As for the longer-term perspective, the channel will no longer be topical once the price approaches 0.9755, where demand is implied by the eight-month rising support line and the April 13 low. In the meantime, the SWFX market participants are unable to reach consensus: 50% of open positions are long and 50% are short.
© Dukascopy Bank SA
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