AUD/CAD 1D Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
However you look at AUD/CAD, nearly every technical study suggests further appreciation of the Australian Dollar. In addition to a high-quality ascending channel, which implies a rally towards 1.0185/70, the bullish outlook is reinforced by the fact that the pair has recently broken through a falling resistance trend-line that was established during the last month of 2015 and during the first four months of 2016. At the same time, the distribution between the longs (28%) and shorts (72%) is also bullish, since it shows that the Aussie is heavily oversold. Another argument to be long the pair is the technical indicators, as majority of them, especially in the daily and weekly time frames, is giving ‘buy' signals.
© Dukascopy Bank SA
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