AUD/CAD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar recently rebounded against the combined support level of a 50.00% Fibonacci retracement level and lower trend line of a large scale ascending channel patter against the Canadian Dollar. As a result of the rebound a smaller ascending channel formed, which represents how the rate surges to new heights at least for now. Most recently the currency exchange rate passed the combined resistance of the weekly PP at 1.0027 and the 55-period SMA at 1.0024. Due to that the rate has almost a fully free way up to the level of 1.0130, where the 200-period SMA is located at. The only resistance line keeping the rate form jumping seems to be the upper trend line of the short term channel. However, at the pace, which has been set for the past week, the pair will reach the 1.0130 level on November 28.
© Dukascopy Bank SA
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