AUD/CAD 4H Chart: Channel Up

This year has been noticeably bullish for AUD/CAD so far. The currency pair has already covered six and a half figures and is well-positioned to carry on with the advancement. For the most part this is justified by the channel up pattern that has been developing since Jan 23. In more detail, while a more reliable upper boundary of the corridor creates strong resistance at 1.0160, the lower rising trend-line implies demand near 0.9869, where the 200-period SMA stands right now as well. Meanwhile, there is no consensus observed among SWFX market participants regarding the future of the exchange rate—53% of them are holding long positions and 47% - short ones.