AUD/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar has established a positive-sloping trend against its Canadian counterpart in the beginning of this week. The only important obstacles so far have been 200 and 100-hour SMAs, which were halting the pair around 0.9530 Tuesday morning, but it gained enough momentum to continue growing. At the moment bulls are facing the weekly R2 resistance line at 0.9660, which is also the daily high for July 1. The majority (56%) of SWFX market participants assume that the Aussie will at least make a stop here, before inching further upwards. The overall positive outlook is in turn supported by the 4H technical indicators, even though the daily studies are mixed.

© Dukascopy Bank SA
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