The Australian Dollar is trading against the Canadian Dollar in the short term descending channel, slightly below the monthly S1 at 1.0016 and is trying to reach the bottom edge of the pattern. A rebound most likely is going to occur, as the narrowing fluctuations of the rate point out on formation of the falling wedge. In addition, the pair has no resistance levels on its way in the upward direction, except for the abovementioned monthly S1. However, even if the exchange rate breaks the lower trend line of the channel, most probably it will still be constrained by the weekly S1 at 0.9978 and 61.8% Fibonacci retracement level at 0.9958, which is measured by connecting the 2016 high and low levels.
| Level | Rationale | Indicator | 4H | 1D | 1W | |||
| R4 | 1.0051 | Weekly PP | MACD (12; 26; 9) | Sell | Sell | Sell | ||
| R3 | 1.0032/33 | 55-period SMA; Upper Bollinger Band | RSI (14) | Neutral | Neutral | Neutral | ||
| R2 | 1.0018 | 20-period SMA | Stochastic (5; 3; 3) | Sell | Sell | Sell | ||
| R1 | 1.0016 | Monthly S1 | ADX (14) | Neutral | Neutral | Neutral | ||
| S1 | 1.0003 | Bottom Bollinger Band | CCI (14) | Buy | Neutral | Buy | ||
| S2 | 0.9998 | Trend line | AROON (14) | Buy | Buy | Buy | ||
| S3 | 0.9978 | Weekly S1 | Alligator (13; 8; 5) | Sell | Sell | Sell | ||
| S4 | 0.9931 | Weekly S2 | SAR (0.02; 0.2) | Sell | Sell | Sell | ||
| Aggregate | ↘ | ↘ | ↘ |