AUD/CAD 4H Chart: Broadening Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar has been outperformed by the Canadian peer already since early September. However, this broadening falling wedge pattern started to form, after a period of consolidation through October.
The bearish pressure is not increasing anymore and with the low volatility the probability of continuous decline is getting smaller. Nonetheless, the 4H technical studies are still bearish, thus the chance of seeing the pair even lower is still here. Moreover, for a rebound the pair has to breach the weekly PP and monthly S1 at 0.9512/27 and it will not be an easy task, especially since the market participants are neutral.
© Dukascopy Bank SA
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