AUD/CAD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a decline of the Australian dollar which took place since September 2014, the currency started to rebound during the last week of December. As a result, since then the AUD/CAD pair gained more than 400 pips and managed to form the channel up pattern on an hourly chart. We assume this tendency to continue in both short and long-term. Our view is shared by the majority of SWFX traders, who are holding 54.50% of long opened positions on the pair at the moment. Moreover, technical indicators on all time-frames are sending moderate bullish signals. Despite that, the Stochastic indicator is bearish on a daily chart, underlining that Aussie may become too overbought in the long-term.
© Dukascopy Bank SA
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