AUD/CAD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even though initially the Australian currency managed to bounce from the lower boundary of the channel down pattern and gained some value, the bearish pressure continued to persist and is still pushing the pair down. At the moment AUD/CAD is hovering back around the lower trend-line. 
As assumed by four-hour technical indicators, the pair is likely to breach this important support line and decline further. The idea is getting support from 67% of traders, who are holding short positions on the pair. In this case the medium-term target will be located at 0.9350 (weekly and monthly S2). Otherwise, it will rebound to reach the monthly S1 in the next few days.

© Dukascopy Bank SA
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