AUD/CAD 4H Chart: Channel Up

While the Aussie has been depreciating against the Swiss Franc, it has been getting stronger versus its Canadian counterpart. Since mid-November this currency pair has appreciated by more than six figures, rising from 0.93 towards the parity. The magical level of 1.00 has not been touched yet, but we expect it to happen in the next two weeks. Before that, however, a correction in the direction of 0.98 (55-period SMA; monthly R1) is highly likely, given that there a strong supply near 0.9926/10 (monthly R2; weekly R1). In spite of that, an eventual recovery seems practically inevitable, being that short and medium term technical indicators are pointing upwards, while AUD is oversold (73%) in the SWFX market.