AUD/CAD 1H Chart: Broadening Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/CAD continue to trade inside a 405-bar long broadening falling wedge pattern that started to forma at the beginning of November.
The pair has already lost around 400 pips since the beginning of the down-trend. Currently, the Aussie is heading towards the upper trend-line; however, it has to surpass the daily R1; weekly PP and 200-period SMA at 0.9677/89. If these levels are breached then most likely the pair will also approach the 0.98 level. At the mean time, the 4H and daily technical indicators are pointing to the south, proclaiming that the pair is poised for a decline. Moreover, the majority of the SWFX traders' are bearish, namely 56% of them.
© Dukascopy Bank SA
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