AUD/CAD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Led by a channel, AUD/CAD addressed levels underneath, setting eyes on October lows at 0.9960 as the next major target. While the pair will face the psychological 1.0000 mark, we still see 0.9961 as the ultimate level to watch, as the pair has falsely overstepped 1.0000 on many occasions before, causing us to believe that a break beneath October lows would send a more credible bearish signal. Currently on a wave towards the upper trend-line of the channel, the pair will face 1.0057/60 and 1.0084/89, which will cause hitches, and could flatten the motion, meaning that it could even reach the trend-line in a consolidative manner.
© Dukascopy Bank SA
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