AUD/CAD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar has been trading against the Canadian Dollar in an ascending channel pattern since the end of January, as the pattern guided the currency pair to the 23.60% Fibonacci retracement level, which is located at 1.0147 level. The Fibonacci retracement levels for this pair are measured by connecting the 2016 high and low levels. After reaching the just mentioned retracement level the currency pair bounced off from it, and, as a result of that move, the Loonie had enough strength to break out of the pattern against the Australian Dollar. Due to that the rate is likely to fall a lot lower. However, the decline might be hindered by the 55-period SMA at 1.0067.
© Dukascopy Bank SA
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