AUD/CAD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar was gradually appreciating against its Canadian counterpart during three months ended October 28. In the end of October, the pair reversed its trend to the south; in the beginning of November, the pace of decline accelerated and the pair started to form a channel down pattern. At the moment of writing, the currency couple is trading above its 50-hour SMA that acts as a strong support. Market participants are almost neutral, with 55.56% of them betting on appreciation of the pair. Meanwhile, technical indicators are sending mixed signals, being strongly bullish in the short-term, neutral in the medium tern and bearish in the long-term.
© Dukascopy Bank SA
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