AUD/CAD 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pair has been fluctuating between two upward-sloping, gradually converging lines since September 9. During this period, AUD/CAD managed to touch a one-week low of 0.9529 on September 12 and a two-month high on of 0.9688 on September 13. At the moment, the currency couple is struggling at the lower line of the pattern, a tumble below which will provoke a sharp decline towards the 200-hour SMA at 0.9596. Meanwhile, technical indicators are calling for a decline in the short-term but are sending bullish signals for medium– and long-term.
© Dukascopy Bank SA
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