AUD/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar entered a channel up pattern on June 27 against the Canadian Dollar. At the moment, the currency exchange rate is moving north to the patterns upper trend line around 0.9700. There are no other resistances on the pair's movement up to that level, as the closes other resistance cluster consisting of the weekly and monthly first resistances is near the level of 0.9810. However, the Loonie broke a resistance cluster from 0.9633 to 0.9662, which consists of 55, 100 and 200-hour SMAs and the weekly pivot point. In support of a surge is the SWFX trader sentiment, as 61% of all open positions are short, which is close to marking the pair as oversold.
© Dukascopy Bank SA
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