AUD/CAD 1D Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie is surging on the daily chart against the Loonie in an ascending channel pattern, which is breaking one by one through Fibonacci retracement levels. The Fibonacci retracement levels are measured by connecting the 2016 high level and the 2015 low level. The retracement levels have been affecting the currency pair's movements for the past two years. It can be also observed on the chart that they manage to hinder the surge of the Australian Dollar against the Canadian Dollar. However, the rate seems to be about to approach the 2016 high level of 1.0398. It is highly possible that the high level will be broken, as the rate is also in a two year old ascending channel pattern, and the trend line of that channel is above the 2016 high level.
© Dukascopy Bank SA
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