AUD/CAD 1H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
It seems that depreciation of the Australian dollar versus its Canadian counterpart is likely to continue for a long period of time. Trading inside the falling wedge, Aussie is approaching the lower boundary of the pattern at the moment. However, there is a high chance that this support line, strengthened by weekly S1 at 0.9793, will be eventually breached to the south. This scenario is assumed by technical indicators on all time-frames. Moreover, there are only few signals to buy the Australian dollar for the time being. On the other hand, market participants believe in the opposite development of this cross and expect a recovery, as more than 68% of all opened positions are long.
© Dukascopy Bank SA
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