AUD/CAD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although during the last two months the Australian Dollar has been mostly losing value, at the moment the currency is appreciating against the loonie. If the price manages to surpass a 0.9528 mark, AUD/CAD is likely to reach one of the most prominent Dec peaks at 0.9644. For now this scenario seems to be the most probable course of events, as there is a seemingly solid rising support line guiding the pair upwards (since Dec 26) and a majority of the technical studies are pointing north. Conversely, should AUD/CAD close beneath the demand at 0.95, the sell-off may persist until we reach the Dec minimum at 0.94.
© Dukascopy Bank SA
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