AUD/CAD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The AUD/CAD currency exchange rate is not a case of complicated and webbed various patterns upon patterns. The pair is in a simple descending channel pattern, and there are no other patterns influencing the currency rate. However, too bad that nothing is that simple, as there are very significant Fibonacci retracement levels affecting the currency pair. The retracement levels are measured by connecting the 2016 low and high levels. As a result one can see that the pair is just bouncing from one retracement level to another. By combining these facts together it can be forecasted that the rate, which just past another retracement, is set to decline further.
© Dukascopy Bank SA
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