AUD/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After reaching a low around 0.94 on January 2 the AUD/CAD began moving to the north. Moreover, this Friday, the pair breached an important level at parity and soared above a weekly R2 at 1.0075. Further outlook is also bullish, as technicals on a 4H chart are sending ‘buy' signals. Moreover, 56% of opened positions are long. During this week the pair has performed a 278-pip rally, hence, some may claim the pair is overbought already. While the outlook is bullish, the next stop for long traders is located at 1.0137, represented by a weekly R3. In case it is breached, long traders will aim pattern's resistance, which can be found at 1.0165.
© Dukascopy Bank SA
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