AUD/CAD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The highly overvalued Australian Dollar is a huge concern for the RBA. Nevertheless, the currency continues appreciating against major peers, including the Loonie. The AUD/CAD currency pair has been moving in a channel up since August 16. After touching 0.957 on September 30, the pair rallied to 0.985 and according to technical indicators on three different timeframes, we are likely to observe a period of consolidation in the nearest future. However, in case bulls will push the pair above 0.9945, we can expect a strong spike up to 1.012. On the other hand, a movement between two Fibonacci retracements in a 180 pips range seems very probable.
© Dukascopy Bank SA
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