AUD/CAD 1H Chart: Rectangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rare rectangle pattern was formed by AUD/CAD pair, as a result of it's horizontal trading since March 12. At first, it seems that the eventual break-out from this pattern can take place to the south as more than 54% of all SWFX traders are short on the Aussie. In addition, statistically 55% of all rectangles are confirmed in the opposite directions to pairs' general trends, which in our case is positive. On the other hand, the pair has just bounced off the lower boundary of rectangle and is trading upwards. Moreover, a substantial support for the cross is provided by 0.9730 (weekly PP). Taking that into account, we see the pair trading sideways both in short and medium-term.
© Dukascopy Bank SA
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