AUD/CAD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar most recently changed direction and began to depreciate against the Canadian Dollar, and the result of the fall is a channel down pattern. Although, the descending channel is in the borders of a larger scale ascending channel, in which the currency exchange rate has been since May. By looking at the chart in a longer term back, a tendency of the rate to often return to the 200-period SMA might mean that this is just one more move of that kind. Moreover, such a retreat back to the 200-period SMA would still be consistent with the larger channel, as the SMA at the moment is exactly at the channel's lower trend line at 0.9905.
© Dukascopy Bank SA
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