AUD/CAD 4H Chart: Ascending Channel

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The AUD/CAD currency exchange rate is one of the currency pairs, which was not heavily influenced by the US presidential election. For the past month the rate has been fluctuating in the borders of an ascending channel pattern, which represents the pairs surge after rebounding against a larger channel's support line. However, most recently the rate's surge was stopped by the 2014 high level of 1.0334. In the following move downwards the rate encountered the lesser channel's support, which made the rate rebound. Although, the Aussie is set to break through the 2014 high, as it is indicated by the market sentiment. 75% of open SWFX trader positions are short, which means that the pair is oversold.
© Dukascopy Bank SA
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