AUD/CAD 4H Chart: Channel Up

AUD/CAD managed to change hands below parity on the first day of this working week. Since then all gains have overcome a major cluster of resistances at 0.9943/66 and pushed the pair somewhat above the 1.00 mark. According to the weekly technical indicators, the Aussie is set to surge in course of the next trading week. The bulls are initially aiming at late-December high of 1.0171, followed by weekly R2 at 1.0219 and another supply area at about 1.03. There they will encounter the monthly R1 and the pattern's upper boundary. A subsequent correction is possible; however, it is estimated neither by long-term indicators nor by SWFX traders, as only 53% of them are AUD-short.