AUD/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/CAD is currently having trouble with passing through resistance at 0.95. Nevertheless, the base case scenario is a close above the August 28 high, which in turn will pave the way for an extension of a rally in the direction of the upper boundary of the channel. Alternatively, in case the green trend-line falls under the attack of the bears, the Aussie will have a good chance to stabilise only at 0.94 (daily S2 and Sep 15 low). Additional notable supports are at 0.9356 (200-hour SMA) and at 0.9329 (weekly PP). In the meantime, the SWFX market participants are divided concerning the prospects of the pair: at the moment 51% of traders are bulls and 49% are bears.
© Dukascopy Bank SA
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