AUD/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/CAD has been rejected by 0.9585 recently, but the bias remains bullish. The current sell-off should be limited by the rising support line at 0.9520, which should trigger enough buying in order for the price to surpass 0.96 and touch the upper boundary of the forming channel once again. In the longer term the Aussie could be aiming for a re-test of the August high at 0.9750. Meanwhile, a close beneath 0.9520 will imply a slide down to 0.9463. Additional significant supports are at 0.9420 and 0.9380 represented by the weekly PP and 200-hour SMA, respectively. The SWFX market is mostly long the Australian Dollar against its Canadian counterpart, namely 59% of the traders.
© Dukascopy Bank SA
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