AUD/CAD 4H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/CAD has been in a strong bullish trend since the end of May, and most studies suggest the Australian Dollar is going to resume appreciation against its Canadian counterpart. For one, the currently emerging pattern, an ascending triangle, indicates growing demand. The positive bias is also reinforced by the technical indicators that are pointing north in all relevant time frames. At the same time, the Aussie is oversold—74% of open positions are short. Nevertheless, we will remain bearish on the pair as long as resistance at 1.00 stays in place. This supply area is created by a major trend line that connects 2013 and 2015 highs, and is unlikely to let the price advance beyond parity.
© Dukascopy Bank SA
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