AUD/CAD 4H Chart: Channel Down

Source: Dukascopy Bank SA
Recent developments in the AUD/CAD currency exchange rate have pressed for a review of the situation drawn patterns for the pair. As it was forecasted the medium term rising wedge pattern has reached and bounced off the resistance put up by the dominant descending channel pattern. Due to that reason the pair is set to begin the formation of a new medium term descending pattern. However, before that the rate will try to find support in the lower trend line of the rising wedge. That support will most likely be passed, and the currency pair will continue on its path lower to the 23.60% Fibonacci retracement level, which is located at the 1.0148 level. The retracement levels for this pair are measured by connecting the 2016 high and low levels.
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