AUD/CAD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Our outlook towards AUD/CAD is not as strong as towards AUD/CHF, but is nevertheless bearish. There is a descending channel emerging in the four-hour chart, and the pair should extend the sell-off from 0.9550, where it bounced off of the upper boundary of the pattern. The current target is the lower edge of the channel and at the same time the 2015 October low that coincide near 0.9250. In the meantime, a resistance trend-line at 0.9470 is considered to be a ceiling. As for the sentiment in the SWFX market, traders seem to be undecided with respect to the Aussie's prospects, being that 48% of open positions are long and 52% of them are short.
© Dukascopy Bank SA
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