AUD/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Like in the previous case, the Aussie demonstrated its strength but this time to the Canadian Dollar. The Australian Dollar has been gradually appreciating versus its Canadian peer since the very beginning of April when the pair entered a bullish formation, channel up pattern.
Currently, the pair is trading near a 10-day high of 1.0272 and given that over two-thirds of all orders are placed to buy the pair, AUD/CAD is likely to re-approach this peak in the nearest future. Technical indicators are neutral for the short and medium terms but bolster traders' view in the longer perspective.
© Dukascopy Bank SA
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