AUD/CAD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/CAD has been trying to abandon the half-year low of 0.9668 by establishing a decent uptrend, which now appears to be unsustainable as the pair has entered a rising wedge. The pattern is expected to break to the downside with a prominent dip and a retracement, followed by a further slide. With the rate currently attacking the upper trend-line of the pattern at 0.9879, we will look for a bearish breakout on the wave after that. A set of levels will cut the short-term losses for a retracement somewhere between 0.9851/40 and when the correction is completed, 0.9809 will be tackled.
© Dukascopy Bank SA
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