AUD/CAD 4H Charts: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie is surging against the Loonie simultaneously in two patterns. One of them is a rising broadening wedge suitable for a medium term trading strategy, and the second one is the short term channel formed in consistency with the rates rebound against the wedge's support line. Previous movements in the wedge have shown high volatility, in contrast to the channel up pattern, which is only about 30 pips wide. The only level of significance in the borders of the channel this week is the monthly pivot point at 0.9918, which recently has been passed from the downside, and since then it began to provide support to the rate.
© Dukascopy Bank SA
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